Mahindra & Mahindra is nearing to finalize an agreement to acquire a majority stake in the financially distressed National Electric Vehicle Sweden (NEVS), according to a report by the Financial Times, citing court documents. NEVS is the current owner of Saab. Mahindra plans to acquire what remains of Saab to accelerate its expansion into western markets and into premium and electric cars, the Times said.
Lars Eric Gustafsson, the appointed administrator for NEVS, said earlier this month that an Asian carmaker has agreed to purchase a majority stake in NEVS. However, both Gustafsson and NEVS didn’t disclosed the name of the carmaker.
According to the SaabsUnited Web site, NEVS and Mahindra have inked a deal for the Indian company to become a majority owner of NEVS. The investment company has disclosed that a Swedish court had green-lighted an extension of its reorganization for a three more months until March 2, 2015 to allow it to finalize discussion with potential investors.
NEVS is also holding discussions with another Asian carmaker over a joint venture to develop new vehicles. Swedish media reports suggest that the carmaker in the matter is Chinese company Dongfeng Motor.