Pawan Ruia-controlled tyre maker Dunlop and Anand Mahindra-led Mahindra and Mahindra have submitted preliminary bids to acquire South Korea’s bankrupt SsangYong Motor.
Friday was the last day for submitting bids for the $500-million (Rs 2,321-crore) Ssangyong Motor (SM), which has been undergoing a restructuring since 2009, after suffering heavily due to the downturn. It mainly manufactures SUVs.
When contacted, a spokesperson of the Ruia Group confirmed putting in the bid but declined any further details. An M&M spokesperson said, “As a company policy we do not comment on speculative reports.”
M&M and the Ruia Group will have to slug it out with South Korea’s Renault Samsung and the deal could be worth up to $600-800 million.