Mahindra and Mahindra is on a buying spree. First it bought the remaining stake of Renault in JV that makes Logan car, the 55% in Reva Electric joining Sequoia and GM and now it has said that it has submitted a letter of intent for troubled Korean SUV maker Ssangyong Motor but declined to comment on the amount.
Pawan Goenka, president of Mahindra’s automotive sector told reporters, We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence .” Not telling the amount he said “We have to look at the economic viability of the company and how it fits into our strategy before we make a bid,” Goenka said.
The South Korean media values the company at $300 million to $500 dollars but Mahindra And Mahindra is expected to bid in the range of $100 million to$300 million
Mahindra has reported a 36.4% rise in net profit . The computer has planned to launch an SUV in US later this year after it gets the necessary approvals.
