Indian car and utility major, Mahindra &Mahindra is said to be putting together a bid for Swedish automaker Saab, which filed for bankruptcy weeks ago, after the Chinese Youngman group aborted the bid for Saab’s assets following General Motors not granting Youngman the rights for Saab’s technology that was developed when Saab was owned by General Motors. Currently, Saab is back on the block and the automaker’s administrators appointed by the Swedish courts are said to be contemplating splitting up of Saab’s assets into many parts and putting these parts on sale independently.
2012 Mahindra Thar On-Off Road Jeep used as an illustration
It is such a part that Indian automaker Mahindra is said to be eyeing. Mahindra might bid for a part of Saab’s assets along with a private equity firm, the name of whom is unknown at the moment. The bid that Mahindra is looking to place for Saab’s assets is said to be in the range of 200 to 300 US million dollars, which is equivalent to 1000 to 1500 crore Indian rupees. At the moment, it remains unclear as to which part of Saab’s business Mahindra is seeking to bid for. Apart from Mahindra, three other groups are said to be in running for Saab’s assets as a whole or parts of it.
2012 Saab 9-4X Crossover
Chinese firm Zheijiang Youngman is one group in running for Saab and Lotus Cars is another. Turkish private equity firm Brightwell Holdings is also planning to mount a bid for Saab’s assets. While we have reported about Mahindra being interested in taking over Saab a while ago, today’s development adds the bid size that Mahindra is looking to place on Saab. In the past, Mahindra has completed a couple of successful acquisition in the automotive space, including Engines Engineering of Italy and South Korean SUV maker, Ssangyong. Mahindra lost out to compatriot and competitor, Tata Motors when it bid for Jaguar-Land Rover, which is now owned by Tata Motors.
I ride, I blog and I trip. This apart, motorcycles, vintage mechanical watches, people watching, camping and traveling are my other interests. Incidentally, I hold a engineering degree in electronics and work experience in computer networks and professional blogging. I live in Bangalore currently and you could get in touch with me at [email protected]