Indian automaker Mahindra & Mahindra is exploring alliance opportunities with PSA/Peugeot-Citroen and the maker of Saab cars, NEVS, according to a newspaper report.
Mahindra is considering partnerships with the two automakers as it seeks to offset slowing sales in its home market with a stronger global presence, India's Economic Times reported.
China's National Electric Vehicle Sweden (NEVS), which bought bankrupt carmaker Saab in 2012, said last month it is in talks with two unnamed car firms to secure additional money.It did not name the companies. NEVS won protection from creditors from a Swedish court last month while it concludes funding talks.
PSA is looking for a way to return to the Indian market it quit in the 1990s. The automaker broke ground on a new factory in India in 2011 but dropped the plans when it hit financial difficulties.
New alliances could help Mahindra & Mahindra, which owns the Korean brand SsangYoung, boosts its business in Europe and Russia.