M&M submits EoI for S Korea’s Ssaangyong Motor

A total of seven foreign and South Korean companies,including M&M,Dunlop and Renault,are in the race to acquire Ssangyong Motor,which has been undergoing a court-led restructuring from 2009 after suffering heavily due to the downturn in auto industry. The company has been estimated to be worth up to USD 500 million.

“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,adding “we just expressed intent to make a bid for Ssangyong. It is too premature to say whether we will finally make a bid.”

“If the deal happens,we will get a technological platform and access to newer markets,” he said.

In 2008,the company bought Kinetic Motors to enter the two-wheeler market and early this week announced picking-up of a majority stake in Reva for an undisclosed sum,giving it a foothold in the small but growing electric vehicles industry.