Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle manufacturer, is interested in buying at least parts of bankrupt Swedish carmaker Saab Automobile, Bloomberg reported. Last year, Mahindra completed the purchase of a 70 percent stake in Ssangyong Motor Co. for about $368 million as it sought to benefit from the South Korea-based company’s technology and international sales network.
The report adds that Mahindra is in the process of trying to set up meetings with the two court-appointed administrators who are overseeing Saab’s bankruptcy to possibly buy parts of the carmaker or the whole company, said the sources, who declined to be identified because the plans are private. Mahindra has yet to hold discussions with the administrators, the sources said.
Saab filed for bankruptcy Dec. 19 after running out of cash. General Motors Co. (GM) sold the Sweden-based company in February 2010 to Dutch sports-car maker Spyker Cars NV (SWAN), which later changed its name to Swedish Automobile NV. Saab first halted production in March, unable to pay suppliers.
Chief Executive Officer Victor Muller said last month that several parties had expressed interest and that Saab still has a chance to emerge from bankruptcy.
Source: Bloomberg
