Indian automobile giant Eicher Motors is preparing to make a binding offer to acquire Italian superbike maker Ducati for USD 1.8 billion- USD 2 billion, according to a report in The Economic Times.

The offer, if successful, will boost Eicher’s portfolio giving them access to technology, brand equity and its global reach.

According to the report, Eicher is the only Asian company to have bid in the ongoing auction for Ducati. The company is also finalising financing and structuring terms with banks and consultants.

German auto giant Volkswagen Group (VW) who owns Ducati via its Audi division has been keen on selling it. Volkswagen has been working with the investment bank Evercore to sell the Ducati brand for around Euro 1.5 billion. The valuation is 14-15 times its earnings before interest, taxes, depreciation and amortisation (EBITDA) which is around Euro 100 million.

The funds are expected to help Volkswagen’s strategic overhaul following the 2015 emissions scandal.

According to reports in the media, several auto manufacturers including Harley Davidson, Suzuki, India’s Bajaj Auto and Hero MotoCorp Ltd were interested in buying Ducati along with private equity funds such as KKR and CVC Capital Partners.