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?
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If Mahindra could revive Saab brand, that’ll be a good news, but is it going to work if the cars built outside Sweden?
Then, the Inspector Sahab can arrive in style in a Saab… to save the day yet again … when the hero is really in need.
:mrgreen:
Curry flavored Swedish meatballs? I like!
In all seriousness, Saab has great technology and good design. If they can get financial backing, they can become a serious player in the region.
am sure Americano will hv less objection if India were to buy it.
Americano has sold both Hummer & Harley to Indian recently….
The Mahindra group of companies is huge,they have the financial strength to buy out struggling auto companies and turn them over for the better.
They are not to be underestimated,if they can buy out SsangYong Motor Co just out of the blue like that for almost $370 million,then i reckon the purchase of Saab would be a wise purchase.
Saab are no strangers to building some proper automobiles of yore,they actually started out as an aircraft manufacturer,and they still build the Saab Drakken&Viggen fighter jets used only by the swedish air force by the aero group.As for the auto group of Saab,i kinda like the brand,it would be sad to see them go.
I am hoping Mahindra’s purchase of Saab will be fruitful.
Cheers.