Indian auto giant Mahindra & Mahindra is reportedly close to sealing a deal in buying a majority stake in National Electric Vehicle Sweden (NEVS), the Chinese-Japanese investment group that bought Saab back in 2012 from Dutch automaker Spyker. According to a report by Automotive News, Mahindra plans to expand its presence to Western markets by acquiring Saab, which will allow the Indian automaker a foot hold on premium and electric car segments.

NEV's administrator Lars Eric Gustafsson stated earlier this month that an Asian automaker has agreed to purchase a majority stake with NEVS but both Gustafsson and NEVS declined to identify the company until now.

Today, a Swedish court has allowed NEVS to extend its company's reorganization program up to March 2, 2015 to finalize the company's dealings with other investors. Additionally, NEVS is also in talks with another Asian automaker (which the Swedish media reports as Dongfeng Motor) in doing a joint venture to develop new vehicles.

NEVS originally filed for bankruptcy last August 2014 after the company failed to produce 120,000 cars per year by 2016. The Swedish Court at first denied their bankruptcy filing but after a few days, the court finally granted NEVS creditor protection.

News Source: Automotive News