SsangYong picks Mahindra as preferred bidder in takeover

The M&M board had recently approved the company to bid for the major stake in SsangYong at an estimated price of USD500 million and industry sources reported that both M&M and PK Ruia, which is based in Kalkuta were the main bidders for the stake.

Another 4 other bidders too were bidding including another consortium led by Japanese car giant Nissan. SsangYong, the makers of the highly popular Rexton has been operating under bankruptcy protection and has been looking for new owners ever since. The fourth largest automaker in terms of sales from Korea recently launched its smallest SUV, the Rexton RS.