India’s Mahindra & Mahindra is putting in a binding bid to buy a majority stake in troubled South Korean automaker Ssangyong Motor. Ssangyong went bankrupt in 2009 after China’s SAIC dropped the ball. They nearly went up in flames, when militant workers incited a riot and threatened to blow up the paint shop.
On Thursday, sources told Reuters that Mahindra was willing to pay up to $400 million for a controlling share in Ssangyong. According to Automotive News [sub], Mahindra “is the process of becoming a diversified player in the automotive sector and has been steadily making small acquisitions.”
Mahindra bought out Renault’s stake in a joint venture, that makes no-frills Logan sedans in India.
A few days later, it entered into an agreement to buy a majority stake in Indian electric carmaker Reva.
Mahindra, is not the only bidder for Ssangyong. Others bidders include Renault-Nissan, and Ruia group from Kolkata.