British sports car maker Aston Martin said it is in "advanced" talks with potential investors over an injection of capital into the business.
Mahindra and Mahindra last week topped an offer from Italian private equity fund Investindustrial that had been agreed with Aston's owner, Kuwaiti investment house Investment Dar, sources said.
"We are in talks for a capital increase, the company is not for sale and our existing shareholders, Investment Dar, are very much committed to Aston Martin," an Aston Martin spokeswoman told Reuters on Thursday. The spokeswoman confirmed that Aston Martin's third-quarter presentation to bondholders, published late on Wednesday, described the talks as being "at an advanced stage".
The Indian group hopes to strike a deal to buy up to half of Aston Martin by the end of this week, sources said on Tuesday, adding that the deal would likely be for an initial 40-percent stake that could rise to 50 percent for a total price of around $400 million. Investment Dar has consistently denied it is in talks to sell all of part of its stake in Aston Martin.