Mahindra & Mahindra, India’s largest utility vehicle and tractor maker, reportedly is again in the race to acquire a stake in Saab Cars.
A report on the Economic Times of India website said M&M, maker of a utility vehicle range and the Verito brand of cars may become a part-owner (with the Hong-Kong based National Electric Vehicle or NEV, its current owner), as the bankrupt car maker needs funds to maintain operations.
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Two potential Asian investors are said to be suitors for rescuing Saab from bankruptcy. One of them is M&M, ETI cited technology magazine Ny Teknik as saying, without specifying its source. To solve the economic problems, Nevs is negotiating with M&M about a collaboration, it said.
M&M declined to comment on the development.
A spokesperson told ETI it would not comment on market speculation.
Anand Mahindra, chairman of the M&M group, showed interest in Saab a few years ago.
Top M&M director Pawan Goenka was recently quoted as saying his company had been eyeing “a marquee brand for some time now, it wants the parent brand to turn premium even as it places Ssangyong in the luxury space”.
VG Ramakrishnan, MD at Frost & Sullivan, told ETI M&M’s interest would be in Saab’s engineering and design capabilities.
