“Yes, we have been chosen as the preferred bidder", a company official said on Thursday, Aug 12.
However, he refused to give any details on the progress of the company's acquisition bid.
This means that M&M has outbid other firms including Kolkata based PK Ruia Group, which owns Dunlop and Falcon tyres.
These Indian companies were among the six other short-listed bidders.
The beleaguered Korean company, SsangYong Motor, mainly focuses on manufacturing sports utility vehicles and recreational vehicles.
The company's worth has been estimated to be around $500 million.