Mahindra & Mahindra (M&M), India’s leading SUV manufacturer is reportedly planning to takeover National Electric Vehicle Sweden AB (NEVS), the holding company that purchased assets of Saab Automobile two years ago.
NEVS, which ran into financial difficulties, signed a term sheet with M&M two weeks ago to begin intense negotiations. The term sheet signed by NEVS stipulates the form for further negotiations, commercial terms for an expected final deal, as well as funding to be paid by the OEM, both through a direct investment in NEVS and during the continuation of the negotiation phase until the deal is closed.
The Swedish company, which is owned by National Modern Energy Holdings, a Chinese-Japanese energy company having its headquarters in Hong Kong, filed for bankruptcy in August this year.
NEVS, which makes cars running on electric motors and internal combustion engines, has a licensing agreement with Saab AB allowing it to use the Saab brand name for its future vehicles.
Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
| Company Name | CMP |
|---|---|
| Tata MotorsPassenger | 358.10 |
| Maruti Suzuki | 13475.00 |
| Mahindra & Mahindra | 3204.70 |
| Hyundai Motor India | 1895.50 |
| Mercury Metals | 35.62 |
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