Kolkata, July 21 (IANS) City-based Ruia Group will make a bid to acquire the South Korean SsangYong Motor by Aug 10, a spokesperson for the Group told IANS Wednesday.
SsangYong Motor has been put on the block under a court-led restructuring after going bankrupt.
Group chairman Pawan Kumar Ruia would travel to South Korea during the month-end. ‘He will be present during the management presentation by the company,’ the spokesperson said.
The final bid deadline for Ssangyong was extended by three weeks to Aug 10 to give more time to participants for due diligence. Earlier, it was fixed for July 20.
‘Late last week we had a long meeting with Deloitte. The due diligence is over,’ the spokesperson said.
The accounting and consulting firm is advising the Group on the deal and has submitted a report on the possible valuation of the automobile manufacturer.
The Ruia Group and Mahindra & Mahindra are among the six suitors shortlisted to bid for SsangYong Motor.
The Ruia Group is a fast emerging industrial conglomerate with interest in infrastructure and engineering, tyre and rubber products, sugar and electronics.
