M&M lines up next buyout after Ssangyong, in talks for Peugeot's scooter business
A Mahindra spokesman said the company would not comment on market speculation
Mahindra & Mahindra Ltd, India's largest utility vehicle maker, is in advanced talks to buy PSA Peugeot Citroen's scooter business, Bloomberg reported on Tuesday, citing three unnamed sources familiar with the matter.
An announcement may be made soon, Bloomberg reported, citing two of the people.
A PSA spokesman declined comment. A Mahindra spokesman said the company would not comment on market speculation.
However, the company said in a BSE notice: "The company wishes to clarify it examines/pursues various opportunities in different areas from time to time on a continuous basis; it is not practicable to comment upon every opportunity at every stage. It is not in a position to confirm or deny the veracity of the news, given its policy of not commenting on speculative news/reports emanating from such activity."
According to various media reports, the move is likely to benefit M&M as it will get access to Peugeot's knowhow and reach to newer markets.
French carmaker Peugeot had denied reports in The Times of India newspaper in August of a partnership with Mahindra to share technology, and production facilities in France and India.
If materialised, this will be the second overseas acquisition by M&M. It had in November 2010 bought out loss-making Korean SUV-maker company Ssangyong for $463 million.
M&M's two-wheeler business, which it acquired from Kinetic Motors, has not yet taken off in a big way. The acquisition move seems to be aimed at reviving its fortunes.
With inputs from Reuters
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