M&M & Ruia Group submitted bids for Ssangyong

M&M & Ruia Group submitted bids for SsangyongAs the race to bag the South Korea based Ssangyong motors has recently entered into the next stage, three groups including Mahindra & Mahindra Ltd have made binding offers.

It has been learned from the sources that Renault-Nissan had not submitted a bid for the cash-strapped sport utility vehicle (SUV) maker. It is quite evident by the move of the Renault-Nissan alliance that the duo could look for another way to increase production capacity in South Korea.

It is believed that the same would be done either by expansion of its existing Renault Samsung plant or a Greenfield investment. It is to be mentioned here that the home-grown Ruia Group controls tyre makers Dunlop Ltd and Falcon Tyres.

While several officials from Samsung, Macquarie and Ssangyong declined to comment, even the officials of M&M and Ruia Group refrained from commenting on the issue.

An Ssangyong spokesman said that a South Korean court will be picking up preferred bidders in the later part of this week.

While time will only tell the final buyer of the troubled South Korean auto major but it believed that it may bring a lot of value to some bidders.