British sportscar manufacturer Aston Martin has received bids from Mahindra & Mahindra and Investindustrial to acquire half of its business.
London based private equity fund Investindustrial offered about $401m but Indian automaker Mahindra offered a higher bid than the private equity fund.
The company that wins the bid will get 40% equity stake in Aston Martin and 50% of the voting rights.
According to Bloomberg, Investindustrial plans to use car parts and technology from AMG, the Mercedes-Benz unit that makes sports cars, and invest in Aston Martin's existing models and add new ones to attract customers.
Aston Martin's portfolio includes DB9, Vanquish and Vantage sports cars, the Cygnet city car.
Aston Martin was sold in 2007 by the US-based Ford Motor to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Company.
