The owner of British luxury car maker Aston Martin, Kuwait's Investment Dar, has denied reports it has received competing bids for a 50% stake in the firm. Italian private equity fund Investindustrial is widely reported to have made an offer of nearly 250 million pounds for Aston Martin.
According to the BBC, India's Mahindra and Mahindra was believed to have made a higher offer. But in an interview with Kuwait's Al Watan newspaper Investment Dar chairman Adnan Al Musallam denied the report.
Earlier this month, Investment Dar dismissed a Bloomberg report that said it was looking to sell its stake in the British car maker as having 'no truth to it'. According to the report, at the time, the investment house said it had 'a long-term plan and commitment with Aston Martin and has no plans to sell its stake in Aston Martin in the short term'.
Despite that statement on November 12 though, reports of a bidding war between Investindustrial and Mahindra and Mahindra have become more widespread, the report added.
Meanwhile, Mahindra and Mahindra declined to comment on the matter.