Indian engineering services, Quest Global Manufacturing has established a joint venture with Swedish defence and security company Saab to manufacture commercial aero-structures in the country.
The two companies will invest Rs 55 crore into the new entity named, Aero Assemblies India. The joint venture is the first for Saab in the country. QuEST will hold a stake of 74 per cent while Saab will hold the remaining 26 per cent in the joint venture that will be based in Belgaum in Karnataka.
In a Monday statement, National Electric Vehicle Sweden (NEVS) - the buyer of bankrupt Swedish carmaker Saab - disclosed that it intends launching its first model in 2014, using the Saab name. The company also said that it aims to produce cars for the Chinese market because the authorities in that country are making substantial investments in electric vehicles.
The statement by NEVS - which is a joint venture between China-based National Modern Energy Holdings and Japan-based Sun Investment - came after the company completed the Saab purchase for an undisclosed amount.
India's largest utility vehicle maker, Mahindra & Mahindra (M&M) might be interested in buying bankrupt Swedish carmaker Saab Automobile of at-least some parts of it, according to a report by Bloomberg.
The company is trying to contact two court-appointed administrators overseeing Saab's bankruptcy to buy parts of the carmaker or the whole company. Saab was declared bankrupt after years of efforts by Swedish Automobile NV SWAN. NS to maintain the company.
It was in talks with producers to reduce costs of power trains and vehicle platforms, automaker Saab, after cutting a ribbon to open its U. S. headquarters, said.
"Saab has tended to cooperate on components and expect we will see more of that," Saab President and Chief Operating Officer Mike Colleran said, at the Royal Oak, Mich., ceremony, attended by local and foreign diplomats.
In a bid to pose threat against the arch rival, BMW, Saab, the Swedish car maker has released the price of its latest offering Saab 9-5 at £26,495 to £37,995.
With the pre-orders initiating from today, the production has taken a lift from its Trollhatten plant in Sweden. It is supposed to hit showrooms of UK by summer.
It will feature itself in three engines i. e. 160bhp 2.0-litre diesel, 220bhp 2.0-litre and 300bhp 2.8-litre petrol engines. In due time 190bhp 2.0-litre diesel and 180bhp 1.6-litre petrol engine will join the league.