The P K Ruia group has recently said that the company will need more than initially expected to complete the due diligence process to file its final bid for the buying of the troubled Korean auto major, Ssangyong Motors.

It is to be mentioned here that the P K Ruia Group and Mahindra & Mahindra are among the six names that have been shortlisted by the management for buying out the South Korean firm.

A Ruia Group spokesperson recently said that the company has asked the target company for more time on the due diligence process and is waiting a reply a reply from the company.

The spokesperson also mentioned the fact that the company will be taking its final decision only after its gets a reply from the Korean company.  

While the target company is mainly into the manufacturing of sports utility vehicles (SUV) and recreational vehicles (RV), it is believed that it is valued close to $500 million. Moreover, it may be noted here that the consulting firm Deloitte is advising the Calcutta based Group on its decision to place its final bid for Ssangyong.