Mahindra looking at acquiring SAAB
After acquiring a majority stake in Ssangyong, India’s biggest sport-utility vehicle manufacturer, Mahindra & Mahindra is interested in buying the bankrupt Swedish carmaker Saab Automobile.
Mahindra is in the process of reaching out to the two court-appointed administrators who are overseeing Saab’s bankruptcy to possibly buy parts of the carmaker or the whole company.
General Motors sold the Trollhaettan, Sweden-based company in February 2010 to Dutch sports-car maker Spyker Cars, which later changed its name to Swedish Automobile. Saab first halted production in March, unable to pay suppliers.
Saab Automobile, owned by Netherlands-based Swedish Automobile NV, declared itself bankrupt on Dec. 19, ending its short run as an independent auto maker.
The SAAB acquisition will only help the Indian utility maker to increase its foot print globally. SAAB as a brand has very less recognition in India and Asia. The buyout could help the company access to the new platforms and the dealer network.
Mahindra which recently launched the XUV 500 will launch the Ssangyong brand of sports utility vehicles in India at the 2012 Auto Expo.