Mahindra & Mahindra denies interest in Volvo

Mahindra & Mahindra denies interest in Volvo

Mahindra & Mahindra has said that they are not bidding for Volvo as rumored in the media.

The Indian automaker said in a statement: “We would like to categorically state that we are not bidding for Volvo and that these reports are purely speculative in nature.”

reports in the media stated that the Indian automaker was in discussions with private-equity players including Cerberus Capital and Texas Pacific Group to place a joint bid for Volvo.

Mahindra & Mahindra had recently stated that they were open to the idea of acquisitions but the decisions are now more complicated due to the weakening economy.