India's Mahindra & Mahindra plans to acquire 76 percent in two-wheeler maker Kinetic Motor Co  for 1.2 billion rupees ($28 million), the Economic Times said on Thursday, citing sources.

Mahindra & Mahindra (M&M) has signed up a term sheet with Kinetic M&M To Buy 76% In Kinetic Motors For Rs 1.20 BnMotors. A term sheet is a non-binding deal that frames the necessary terms and conditions under which an investment is to be made in a company.

However the officials from both the companies declined to comment on the news. Kinetic officials even said that its all speculated news.