Auto News

M&M to Decide On Ssangyong Bid Later

By Motortrend India Staff   |   28 July,2010

Mahindra & Mahindra, India’s largest utility vehicles and tractor maker, has now announced that it would postpone a decision on whether to bid for troubled Korean carmaker Ssangyong Motor Co until closer to the August deadline.

“The company is awaiting some additional information and a decision will be taken on a date closer to the date of the final bid, ” the company said in a statement.

M&M is among the six companies that have been shortlisted to make a bid for the troubled Korean SUV manufacturing company. Ssangyong Motors has been under court-led restructuring since early 2009. The bid deadline is August 10.

OM&M has registered 7-8 per cent loss in sales due to constraints for tyres, fuel injection equipment and castings in the June quarter, company president Pawan Goenka said on Wednesday.

Earlier, Mahindra & Mahindra raced past the projection with a 40 per cent rise in fiscal first quarter profit, which was driven by increasing demand in a fast-growing Indian auto market.

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