Indian auto manufacturer Mahindra & Mahindra (M&M) is expected to organise a special board meeting on July 15 to decide its future plan of actions regarding the acquisition of troubled South Korean firm SsangYong Motor.
The company has shortlisted six bidders, including Mahindra & Mahindra (M&M), PK Ruia-led Ruia Group and a Nissan-led consortium, and it asked the bidders to complete the due diligence by July 20.
"The special board meeting has been called only to discuss the bid for SsangYong, whether to go ahead with it, and if so then what should be the amount", a person familiar with the M&M development said.
When contacted, an M&M spokesperson revealed: “We are undertaking the due diligence on SsangYong currently and will take a decision to bid at an appropriate time.”
Meanwhile, SsangYong Motor on Tuesday informed that it has extended the deadline for submission of acquisition bids to August 10.