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Mahindra-Ssangyong deal progresses

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Mahindra & Mahindra, India's top utility vehicle and tractor maker, will start the due diligence on troubled Korean SUV maker Ssangyong Motor, a top official told a TV channel today.

 

The due diligence process may take four to six weeks, after which the Indian company will decide about its bid for Ssangyong, Pawan Goenka, president of Mahindra's automotive sector, told a news channel.

Last week, Ssangyong said it had short-listed six out of seven firms that submitted letters of intent to buy the carmaker, under court-led restructuring since early 2009.

Ssangyong declined to disclose the disqualified bidder among the seven, which included France's Renault SA and Mahindra & Mahindra.