M&M considers a bid of $400 mn for Ssangyong

As a step towards becoming a major global utility vehicles maker, Mahindra & Mahindra is considering a bid of up to $400 million for the South Korean automaker Ssangyong Motor, reveal sources. Also the three sources close to the matter said that the company which lost out to Tata Motors for Ford Motor Co's luxury brands Jaguar and Land Rover in 2008, is now very serious about making a competitive bid ahead of next Tuesday's deadline. A company official said that they have every intention of making a bid.

Mahindra and Mahindra is among the six bidders who have been  shortlisted for making a bid for Ssangyong. This South Korean automaker Ssangyong Motor has been under court-led restructuring since early 2009. The other bidders in this matter include Renault-Nissan alliance and Kolkata-based Ruia group.

The Ruia Group has told that it will decide their bid in the coming three days. Ruia Group chairman Pawan K. Ruia confirmed that they will take a final decision on the matter over the next three days.