Mahindra & Mahindra, India's largest utility vehicle maker, is among six bidders shortlisted for the sale of cash-trapped Ssangyong, South Korea's fourth-largest automobile manufacturer.
The board of directors of Mahindra & Mahindra today approved a binding bid for a majority stake in Ssangyong Motor, reports said.
Reports quoting company sources said Mahindra is expected to offer up to $400 million for the troubled South Korean automaker. Mahindra, however, did not reveal any financial details of the bid.
The last date for submitting the bids is 10 August.
Mahindra is among six bidders, including Renault-Nissan alliance and Kolkata-based Ruia group, shotlisted for the sale.
Other bidders include Renault-Nissan alliance and Kolkata-based Ruia group.