The Financial Times is reporting India-based Mahindra & Mahindra are about to purchase NEVS, the company that owns SAAB.

Last week we found out National Electric Vehicle Sweden (NEVS) filed an application to extend by three months their reorganization plan and also announced plans to sign a "term sheet" with an unknown Asian automaker. Shortly after making this announcement, rumors emerged about the identity of the company and many suggested India's Mahindra & Mahindra. Now, The Financial Times says Mahindra is close to sealing a deal with NEVS and they will acquire a majority stake to take control of the company that owns troubled Swedish marque SAAB.

According to the same report, Mahindra wants to accelerate SAAB's expansion into western markets as well as into premium and electric cars. It should be mentioned National Electric Vehicle Sweden is also negotiating with another Asian company - believed to be Dongfeng Motor - to create a joint venture for developing new cars.

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