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Mahindra To Buy Stake In Saab
India's most preferred Utility vehicle manufacturer Mahindra & Mahindra is planning of purchasing shares in Saab. The Swedish car manufacturer is on the verge of bankruptcy and needs help to keep it operation in motion.
Saab is an automobile manufacturer of premium vehicles, its headquarter are in Sweden. The Swedish company came into existence in 1947 and was was founded by Saab AB. The company has changed hands several times in the past.
Mahindra & Mahindra had recently showed interest in purchasing stakes in various manufacturer. Anand mahindra, Chairman of the Group had shown keen interest in automobile brands like Jaguar Land Rover, Aston Martin and also Saab.
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There are reports that two Asian investors are keen on purchasing shares in Saab and helping them out of bankruptcy. Mahindra & Mahindra is one of the potential buyers along with another unknown investor.
The current owners of Saab are National Electric Vehicle(NEV), who are based from Hong Kong. The Swedish premium vehicle manufacturer is in dire need of funds to keep it away from bankruptcy. Mahindra & Mahindra are keen on purchasing a premium manufacturer, whether they will opt for Saab or not, we will have to wait and watch.
Pawan Goenka, ED of Mahindra & Mahindra expressed they have been on the hunt for an iconic brand. They want to play in the premium segment along with its other brand Ssangyong that has its root in South Korea. With Saab they could boost its own engineering and design, owing to the knowledge by the Swedish manufacturer.
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