Mahindra Files to Take Control of Saab

Mahindra & Mahindra Ltd. has filed legal papers in Sweden to gain control of the company that owns the Saab brand, the Financial Times says. Unconfirmed media reports about the deal surfaced last week.

The deal would give Mahindra a majority stake in National Electric Vehicle Sweden AB, the Chinese-Japanese group that acquired Saab's assets in a bankruptcy proceeding in 2012. NEVS, which has struggled to relaunch Saab as an electric-car brand, suspended operations last May.

Mahindra's bid for the company is the latest in a long-running effort by the India SUV maker to expand its portfolio. The company acquired South Korea's Ssangyong Motor Co. in 2011 but failed two years ago in separate bids to buy Saab and British luxury carmaker Aston Martin Lagonda Ltd.

The FT says Mahindra is especially keen to add one or more luxury brands and is believed eager to introduce a luxury SUV model.