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Investment Dar nips Mahindra & Mahindra bid for Aston Martin in bud, says stake not on sale

Nov 26 2012, 21:33 IST
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SummaryOwners of British automaker Aston Martin, today said it is not selling its stake in the luxury sports car firm.

Kuwaiti firm The Investment Dar Company (TID), owners of British automaker Aston Martin, today said it is not selling its stake in the luxury sports car firm.

Reacting to the news that the company received two bids, including from Mahindra & Mahindra, for a 50 per cent stake in Aston Martin, a spokesperson of TID said the reports published in some media "are inaccurate and have no truth in it".

According to reports, Italian private equity fund Investindustrial have made an offer of nearly 250 million pounds for Aston Martin and M&M have even made a higher offer.

While insisting that the company does "not comment on any news speculation", the spokseperson cited an interview given by TID Chairman Adnan Almusallam to a local daily, Al Watan reiterating that TID was "not negotiating the sale of its stake in Aston Martin".

Earlier on November 12, TID had also issued a statement denying reports of its stake sale in the famed British carmaker known for cameos in James Bond movies, saying it "has a long-term plan and commitment with Aston Martin and has no plans to sell its stake in Aston Martin in the short-term."

A spokesperson for M&M declined to comment saying the group does not comment on speculation.

Investindustrial could not be reached for comments.

Aston Martin had opened its first showroom in India in Mumbai last year and added another one in Delhi earlier this year selling select models, including V12 Vantage, Vantage S, V8 Vantage Coupe, V8 Vantage Roadster, DB9 Coupe, DB9 Volante, DBS Coupe and Rapide.

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