Mahindra and Renault in the race to buy Ssangyong

By By: Vicky.in

Published: Monday, June 7, 2010, 14:40 [IST]

Ssangyong, the South Korean SUV maker declared six car companies as its bidders.

Ssangyong is a SUV maker in South Korea and has been in trouble since last year. Many companies filed letters of intent to buy the assets of this car maker which is now under the courl-led restructuring.

Ssangyong has now announced six bidders out of which India's Leading SUV manufacturer Mahindra and also the french car maker Renault are included.

The deal is worth 0 million. SSangyong is 6.2% owned by China's SAIC Motor Corp, Barclays Bank Plc and Barclays Capital Securities Ltd are Ssangyong's largest shareholder with a combined stake of 8.02%.

Seoul court started the sale process for the stone-broke South Korean maker last month. It is set to receive the bids by July 20th and to pick a favorable buyer during August 2010.

Article Published On: Monday, June 7, 2010, 14:30 [IST]

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