Accordintg to Economic Times, Mahindra and Mahindra has signed a term sheet with Kinetic Motors in its bid to acquire a majority stake in the company. A term sheet is a non-binding agreement setting forth the basic terms and conditions under which an investment is to be made in a company. Mahindra is looking to acquire 76% stake in the company valued at about Rs 120 crore. Mahindra is doing due diligence of Kinetic’s books and assets. A deal could fructify in the next two months if the due diligence proceeds smoothly, sources said.