Utility vehicle maker Mahindra and Mahindra said on Monday that it has begun preliminary talks to buy the engine and transmission units of failed Daewoo Motors India.
"It is true that the company is exploring the possibility of buying the engine and transmission units of Daewoo Motors India," the company informed the Bombay Stock Exchange.
If struck, the deal will mark successful sales of almost all the assets of the Indian arm of South Korea's bankrupt Daewoo.
Just a day after the announcement of General Motors, the world's biggest carmaker, acquiring the car assembly unit of DMIL for an undisclosed amount, M&M evinced interest in engine and transmission facilities of DMIL.
"We are open to the acquisition of the engine and transmission units of DMIL," M&M managing director Anand Mahindra said.
General Motors, the world's biggest carmaker, had made an offer to the creditors of DMIL -- ICICI Bank, IDBI and Exim Bank -- to acquire the car assembly unit at the Surajpur (Uttar Pradesh) facility of DMIL.
General Motors is about to begin due diligence before signing a definitive agreement with the creditors of DMIL to acquire the car assembly unit.
