Tata Motors Ltd. has no plans to acquire car brands, such as bankrupt Swedish carmaker Saab, Chairman Ratan Tata disclosed during a media briefing on Thursday. He admitted that the company did not sufficiently follow up on the launch of the cheapest vehicle in the world -- the Nano. He explained that he didn't think that they were "adequately ready" with an advertising campaign, a dealer network. Sales for Nano have not lived up to expectations.
Bloomberg previously reported in December that Mahindra & Mahindra Ltd., which is the largest SUV manufacturer in India, is interested in purchasing at least parts of Saab.
Earlier this year, Mahindra acquired 70 percent of SsangYong Motor Co. for around $368 million in an effort to benefit from the Korea-based company's international sales network and technology.
Bloomberg had also reported that at least one Turkish company is interested in investing in Saab. The government of Turkey wants to have a vehicle brand of its own. It is assisting a manufacturer to acquire at least parts of Saab. [source: Autonews]