Mahindra & Mahindra says it has been chosen as the preferred bidder by the beleaguered South Korean auto company SsangYong Motor for acquisition.
“Yes, we have been chosen as the preferred bidder”, a company official said but declined to give details, saying a media briefing on the same would be held later in the day in Mumbai.
The Indian auto major outbid other firms including Kolkata based P.K. Ruia Group, which is the owner of the Dunlop and Falcon tyres.
Last week, the M&M board had given the go-ahead to put in a bid for acquiring a majority stake in SsangYong Motor (SM), which is estimated to be worth around $500 million.
According to the industry sources, Mahindra & Mahindra and P.K. Ruia had submitted their bids on August 10 to acquire Korean auto major, which is mainly into manufacturing sports utility vehicles and recreational vehicles.
These two Indian entities were among six short-listed bidders, including a Nissan-led consortium, for acquisition of SsangYong Motor.
Shares of Mahindra & Mahindra were trading at Rs 623.80, down 0.61 per cent on Bombay Stock Exchange.