Mahindra submits letter of intent for Ssangyong
Mahindra & Mahindra, India's largest utility vehicles and tractor maker, on Saturday said it had submitted a letter of intent to make a bid for Korean sport utility vehicle (SUV) maker Ssangyong Motor.
On Friday, sources had told Reuters that Mahindra and Renault had both submitted letters of intent for Ssangyong.
"We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence," Pawan Goenka, president of Mahindra's automative sector told reporters.
"We have to look at the economic viability of the company and how it fits into our strategy before we make a bid," Goenka said.
Mahindra has been on an acquisition spree lately as it seeks to expand its portfolio. In April, it saud it was buying out Renault's stake in a joint venture making Logan sedans in India, its first entry into the passenger car segment.