Mahindra and Mahindra Interested in Acquiring Ssangyong Motor Corp

Monday 31 May 2010, 00:00 AM by Payal Pathak

South Korean SUV maker Ssangyong filed for bankruptcy this year and is now up for sale in the international market. Mahindra and Mahindra along with owners of Dunlop i.e. Ruia Group and French auto maker Renault have expressed their interest in buying out the Korean auto maker. Mahindra and Mahindra have submitted their letter of intent to Ssangyong. "We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence," Pawan Goenka, president of Mahindra's Automotive sector. Mahindra will submit its final bid after looking at the economic viability of the company.

Mahindra and Mahindra is the next big auto maker from India that is on a shopping spree. It first bought Renault’s stake in the joint venture to produce Logan independently under its own brand name. This marked its entry into the passenger car segment. Recently, it acquired stake in Reva Electric to foray into the electric vehicle market. Now it is expanding its portfolio to overseas market. Mahindra is also one of the first Indian auto manufacturers to enter the US market with its SUV model Scorpio.

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