Mahindra and Mahindra racing against Italian firm for stake in Aston Martin

Last Updated: Sat, Nov 24, 2012 05:30 hrs

Indian carmaker Mahindra and Mahindra is reportedly competing against an Italian private

equity firm for purchasing a 50 percent stake in the British automobile giant Aston Martin.

Investindustria, which is understood to have made a bid of around 250 million pounds for the luxury carmaker, faces

competition from Mahindra and Mahindra, which is understood to have made a higher offer, The Telegraph reports.

According to the paper, the Italian firm is optimistic that Aston Martin's Kuwaiti owners, The Investment Dar, will

favour its plans to invest in new technology.

The bids from both Investindustrial and Mahindra and Mahindra are thought to include plans to keep production at

Aston Martin's headquarters and plant in Gaydon, Warwickshire, UK, the paper said.

Investindustrial, Aston Martin and Mahindra and Mahindra all remained unavailable for comment. (ANI)

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