Mahindra & Mahindra will begin the due diligence on the struggling Korean SUV maker Ssangyong Motor within a day or two, a company official has revealed.
“The final bid and the bid amount will depend on the findings of the due diligence that would be completed over few weeks,” Pawan Goenka, Mahindra’ s president for the automotive sector, told.
Mahindra & Mahindra, India’ s largest utility vehicles and tractor maker, is one of the six companies who have qualified to conduct due diligence on the cash strapped Ssangyong Motors. Also participating in the Korean car company buy-out are India’ s Ruia Group, South Korean private equity fund Seoul Invest, Daewoo Bus and the three-way JV between Nissan Motor, Renault and Renault Samsung Motors.
The Ssangyong buy-out would give M& M a ready-made portfolio of SUVs and sedans as well as open doors to new engines and vehicle development technologies.