Mahindra – the preferred bidder for Ssangyong

Mahindra-Ssangyong-MotorUnder a major announcement, the home-grown UV maker Mahindra & Mahindra has recently said that the company has been chosen as the preferred bidder by the beleaguered South Korean vehicle maker SsangYong Motor.

While the company also said that the deal is to be finalised by November this year, it highlighted the fact that the deal will provide a perfect platform for the company to accelerate its growth.

Mahindra & Mahindra (M&M) Vice Chairman and MD Anand Mahindra recently said that the deal provides the company with a tremendous opportunity to accelerate its progress towards its stated intention of becoming a globally recognised player in the specific niche of utility vehicles.

While the company outshined names like Kolkata-based PK Ruia Group, which is the owner of the Dunlop and Falcon tyres, it also said that it intends to make SsangYong Motor function as an independent entity with Korean management. SsangYong Motor (SM) Strategy Department Manager Chung Yong-won confirmed by saying that the company has chosen M&M as the preferred bidder and the agreement is likely to be signed by the end of this month.