Indian utility car manufacturer Mahindra & Mahindra has reportedly bid for 50 percent share of the British car brand Aston Martin through which it plans to acquire 50 percent voting rights and 40 percent equity stake in the British car brand.
Aston Martin was sold to Kuwaiti investment house Investment Dar by American carmaker Ford Motors in 2007. While the current owner Investment Dar had reached an agreement with an Italian private equity fund Investindustrial, Mahindra & Mahindra made a higher bid. The remaining 50 percent share will be retained by Investment Dar and other Kuwaiti investors.
The Indian automobile maker is the top tractor manufacturer in the world and also produces more utility vehicle than any other India auto manufacturer and owns the South Korean car brand Ssangyong.
According to industry experts, Mahindra & Mahindra expects to upgrade its vehicle platforms using the existing Aston Martin technology.