Mahindra & Mahindra (M&M) is planning bid up to $400 million for troubled South Korean automaker Ssangyong Motor, sources said, as it seeks to become a major global utility vehicles maker.
Three sources with knowledge of the matter said on Thursday that the company, which in 2008 lost out to Tata Motors for Ford Motor Co's luxury brands Jaguar and Land Rover, is serious about making a competitive bid ahead of next Tuesday's deadline. 'We have every intention of making a bid,' said a company source.
Mahindra is among six bidders shortlisted to make a bid for Ssangyong, which has been under court-led restructuring since early 2009. Other bidders include Renault-Nissan alliance and Kolkata-based Ruia group.
The Ruia Group said it will decide in the next three days. 'We will take a final call on the matter over the next three days,' Ruia Group chairman Pawan K. Ruia said.