Saab may be bankrupt financially, but it has no lack of suitors. After rumours of a sale to the Turkish government surfaced last week, word has it that India’s biggest SUV maker is an interested party. The said company is Mahindra & Mahindra Ltd, which is interested in buying at least parts of bankrupt Swedish carmaker, two people familiar with the situation said.
The maker of the Scorpio is in the process of trying to set up meetings with the two court-appointed administrators who are overseeing Saab’s bankruptcy, according to the sources, who want to remain anonymous because the plans are private. M&M spokeswoman Roma Balwani declined to comment.
M&M is no stranger to buying a bankrupt company. In early 2011, the Indian brand completed the purchase of a 70% stake in SsangYong Motor Co for about $368 million, as it sought to benefit from the South Korean company’s technology and international sales network. After the takeover, SsangYong revealed that it plans to spend more than 240 billion won ($208 million) on product development and brand building in the year, hinting at M&M’s financial muscle.
Recently, Mahindra also bought out Renault’s stake in the Logan sedan joint venture and took control of Bangalore-based Reva Electric Car Co, so its appetite is obvious. Is Saab about to join the list?