Ford had been considering selling Volvo from its product portfolio. There have several bidders for the company in the international market but Mahindra and Mahindra from India has denied bidding for Volvo."We would like to categorically state that we are not bidding for Volvo and that these reports are purely speculative in nature," Roma Balwani, a vice-president of the Mahindra Group, said in an email response.
There have been reports in newspapers that the company was in discussion with Cerberus Capital and Texas Pacific Group regarding placing a joint bid for the brand. Ford is seeking multi-billion dollar bailout from the government but is more stable than the other two. It is thinking of disposing of its assets to combat the crisis and selling Volvo is a part of its survival strategy.
Mahindra & Mahindra said earlier this month it was "always looking for acquisitions" but added that with domestic sales down sharply it "had to assess how to finance our mergers and acquisitions in times like these." Mahindra is planning to make its entry in the US market next year with its popular models like Scorpio and Bolero.