Mahindra Set To Acquire Saab Automotive

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One of India's largest carmakers and the country's largest Utility Vehicle maker Mahindra, is is close to acquiring a stake in the company that owns Saab Automotive, a Swedish automobile company.

A Chinese-Japanese energy company named National Modern Energy Holdings owns National Electric Vehicle Sweden (NEVS).

NEVS took over Saab by acquiring the assets of Saab Automobile, Saab Automobile Powertrain, and Saab Automobile Tools.

In 2012, Mahindra showed interest in Saab. NEVS bought out the business but underwent financial difficulties of its own.

In a disclosure to the court last week, NEVS said talks with possible investors were almost complete. In the court filing, NEVS said it is in talks with an Asian original equipment maker, who plans to step in as majority owner in the company.

Mahindra on the other hand, wouldn't comment on this situation.

Experts feel that Mahindra is becoming an expert at picking up distressed assets and quickly bridging the technology gap that exists.

If Mahindra is to buy NEVS, it will have access to engine design and technology of Saab Automotive.

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Story first published: Saturday, December 13, 2014, 11:27 [IST]
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