Mahindra could pick up stake in NEVS-owned Saab - Report

12/12/2014 - 12:00 | ,   | Jayashankar Menon

Mahindra could use engine designs, patents etc.

Citing court documents, an agency report said Mahindra could pick up a stake in National Electric Vehicle Sweden (NEVS), part of the Chinese-Japanese energy firm, National Modern Energy Holdings which bought the assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools from a bankruptcy estate.

Saab 9-5 stationwagon
Reports emerged earlier that Saab could be revived, but nothing concrete has been done so far in restarting production of the cars.

In 2012, when NEVS acquired Saab’s assets, Mahindra was also interested to buy out the shares. One of the creditors of NEVS had filed a petition before a court, where it disclosed that Mahindra was said to take over the assets.

The Chinese auto maker Dongfeng’s name was also making rounds evincing interest in taking over Saab’s assets. NEVS has also informed the court that it was negotiating with various investors and had named Mahindra as a key stakeholder in the assets.

Mahindra S101 spied in Chennai front
Mahindra has a herd of products planned until the end of this decade, and could benefit from new engine designs or patents.

Also read: Mahindra Verito EV to launch next year

Mahindra spokesperson was not willing to divulge any details.

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