Report – India’s Mahindra closing in on purchasing Sweden’s Saab image

According to a recent report coming from the Financial Times, India’s Mahindra & Mahindra is now on the verge of buying National Electric Vehicle Sweden (NEVS), the Chinese investment holding that holds the assets of Saab Automobile.

The newspaper, which cited documents filed in a court in Sweden, mulls the purchase of a majority stake in NEVS, the group that gained access to the renowned Swedish automaker two years ago. The paper further said that the reason behind the purchase is simple: Mahindra aims to secure what has remained of Saab to further expand into Western markets and secure a foothold into premium and electric model building. Lars Eric Gustafsson, NEVS’ administrator, acknowledged earlier this month that one well-known Asian automaker signed a deal to purchase the majority stake.

NEVS – which was formed to purchase the bewildered and battered Saab – originally planned to restart assembly of the 9-3 model (they succeeded, but just for a few months) and then begin development of a fully-electric car to be sold in Europe and China. NEVS announced so far that the Swedish court has so far agreed to allow an extension of the company’s reorganization timeline to March 2, 2015, needed to secure negotiations with potential investors.

Via Automotive News Europe