India's Tata Motors places bid for Saab

India's Tata Motors has placed a US$350 million bid to buy bankrupt Swedish car maker Saab Automobile, a newspaper report said Tuesday, citing people it said were aware of the matter.

Saab, owned by Dutch company Swedish Automobile, filed for bankruptcy in December after numerous failed deals to keep it afloat.

All of Saab's assets would be for sale, the company has said.

Tata Motors, which also makes the world's cheapest car, the Nano, bought British luxury brands Jaguar and Land Rover from US Ford Motor in 2008 for US$2.3 billion as part of its plans to expand beyond Asia.

Tata Motors is likely to face competition from China's Youngman, which has been keen to buy Saab and is reported to have made a preliminary bid of about US$300 million.

Indian auto and farm equipment maker Mahindra and Mahindra is also reported to have placed a bid for Saab.

ORIGINAL SOURCE
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