Mahindra to postpone decision on Ssangyong bidding

Mahindra & Mahindra, India's largest SUV (Special Utility Vehicle) maker announced on Wednesday that it would take some more time in deciding the timeline to bid for the Korea based Ssangyong Motor Co. The deadline of bidding for this troubled Korean car maker has been set for the 10th of August 2010. According to a statement issued by the company in this regard, the company is awaiting some additional information and a decision will be taken on a date closer to the date of the final bid. It is to be mentioned here that M&M is one of the six shortlisted bidders for this bankrupted Korean firm.
 
Meanwhile in India, the company has announced to invest as much as Rs 8,600 crore in its business in the next five years. M&M has reported a jump of 40.30 per cent in its net profit for the April-June period. During this period, the company registered a net profit of Rs 562.39 crore as against the Rs 400.85 crore in the same period last year. The company managed to sell 53,948 units of its utility vehicles during this period as compared to 48,720 units sold during same period last year.    

At present, the company sells some of the most popular utility vehicles in the Indian market including Mahindra Scorpio, Mahindra Bolero and Mahindra Xylo. With this, It also sells Mahindra Logan, an entry level sedan which is currently being launched in a new stripped down version. The company has recently bought the Reva electric (a Bangalore based electric car maker) and will launch the car under its brand name very soon. Mahindra has a significant presence in the commercial vehicle segment and sells an array of commercial products including tractors and loading vehicles.