Mahindra considers Saab acquisition

Mahindra and Mahindra is reportedly close to buying the remnants of the collapsed Saab group.

According to the Financial Times the Indian conglomerate, which also owns SsangYong, is reportedly close to buying a majority stake in the Hong Kong based National Electric Vehicles Sweden (Nevs) the parent company which acquired the Saab brand in 2012, according to documents filed in a Swedish court.

Nevs planned to relaunch Saab as an electric vehicle brand, following its collapse in 2011, but hit financial difficulties earlier this year.

Mahindra and Mahindra, owned by Indian billionaire Anand Mahindra, is a major force in its domestic market but also has long stated global aspirations. In 2010 it acquired SsangYong for $466m (£297m) and in  2012 launched an unsuccessful bid to acquire Aston Martin.

Mahindra first tried to buy Saab two years ago.