Ruia Group To Bid For Ssang Yong

By By: Vicky.in

Published: Monday, August 9, 2010, 18:02 [IST]

Ruia group is indeed bidding for the trouble Korean SUV maker Ssang Yong. Accordingly, a decision was taken after a meeting by the top officials of the compnay with Chairman Pawan K. Ruia. Ruia Group joins Mahindra and Mahidra, Renault & Nissan in making final bid for the Ssang Yong. The last date for submitting bid is August 10th. Apart from these three firms, there are three other bidders. Ssang Yong will decide the preferred bidder by August 20th.

Ssang Yong will offer a 51% stake to the acquirer and the money from the stake sale will be utilized for the company's operations and loan repayment, as the company has been undergoing a restructuring programme following an order from the Seoul Central District Court in 2009.

Ruia is keen on Ssang Yong because, it will make it entry into the ever-growing Indian automobile sector. Ruia has already acquired Dunlop a couple of years back. Mahindra is also very much interested in this Korean vehicle maker because it already has 2% market share in Korea. If Mahindra succeeds, the company can very well expand its business and may also input Ssang Yong's products for Indian market.

Article Published On: Monday, August 9, 2010, 17:54 [IST]

Read more on: #auto news #mahindra #nissan #suv

More from DriveSpark