Tata Motors has plans for nursing the Swedish brand Saab, by placing a bid of $350 million to buy the company.
Saab, owned by Dutch company Swedish automobiles petitioned the Swedish court for bankruptcy following the failure of a deal with some Chinese enterprise. This was because, the former owner of Saab, General Motors refused to transfer the license of patent and technology to Chinese companies.
And now, the company is in talks with the manufacturer of world’s cheapest car, Nano. Previously, Tata bought the British luxury brands Jaguar and Land Rover from US Ford Motor in 2008 for $2.3 billion as part of its plans to expand beyond Asia.
According to reports, Tata has placed a bid of $350 million to buy the Swedish car maker, Saab Automobile. The European newspaper reported on Tuesday that Tata’s global acquisition team has been in negotiations with Saab for a prospective acquisition by the portfolio of Jaguar and Land Rover. The deal will include all the assets of Saab Automobile.
There were reports of many brands making a bid for the Swedish company, including Mahindra & Mahindra. A Chinese company is also making efforts to get Saab, and has already made a bid for $300 million.