Mahindra approves to bid for Ssangyong Motor

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Mumbai, Aug 7: The board of directors of Mahindra & Mahindra, on Saturday, Aug 7, approved for submission of a binding bid to buy a majority stake in troubled South Korean auto maker Ssangyong Motor.

According the sources, Mahindra's approval for the submission is one step towards to become a major global utility vehicles maker.

The company was willing to pay up to $400 million for Ssangyong, added the source.

Mahindra, India's largest utility vehicles maker, is among six bidders short listed for cash-trapped Ssangyong.

Renault-Nissan alliance and Kolkata-based Ruia group were among the other bidders.

Ssangyong, which has been under court-led restructuring since early 2009, is the fourth largest South Korean automobile manufacturer.

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