M&M bids for 50 per cent stake in Aston Martin: report

Indian sports utility vehicle major Mahindra and Mahindra (M&M) and Italian private equity fund Investindustrial have bid for 50 per cent stake in British Luxury car maker Aston Martin and a deal is likely soon, reports quoting industry sources said.

An earlier report, meanwhile, said Mahindra and Mahindra, Tata Motors and Toyota and some Chinese automakers are among the potential buyers of the legendary British sports car brand, which features in some of the Bond movies.

Kuwaiti Investment firm, The Investment Dar Company, is reported to have approached prospective buyers in order to sell their majority stake in the company.

The Investment Dar Company owns a majority 64 per cent stake in Aston Martin.

The Kuwaiti company had bought the Austin Martin stake from Ford for around $805 million in 2007 and the fund is reported to be seeking around $800 million for its 64 per cent stake in Aston Martin, to cover the cost of its 2007 investment.

Investindustrial is reported to have bid between 200 million and 250 million pounds ($400 million) for the 50-per cent stake and had agreed for technical partnership deal with Daimler.