Ruia Group to decide on SsangYong bid in three days
August 5th, 2010 - 5:29 pm ICT by IANSKolkata, Aug 5 (IANS) India’s Ruia Group would decide in the next three days whether to make a bid for the South Korean SsangYong Motor, its chairman said here Thursday.
“We are yet to decide whether we will bid for it…we are evaluating it. We will make a decision in the next three days,” Pawan Kumar Ruia told reporters.
He said the group is now minutely evaluating three things- the future cash flow projected in the management presentation, whether the profitability shown in the presentation is achievable and whether the standalone company would be sufficient in size to withstand future competition.
He said the present market cap of SsangYong is $400 million.
The Ruia Group and Mahindra & Mahindra are among the six suitors shortlisted to bid for the bankrupt South Korean firm SsangYong Motor.
The last date for submission of bid is August 10.
Indian automotive makers are looking for a presence overseas, where car prices and profit margins are said to be higher.
Ssangyong, which has about two percent of the South Korean market, exports to Russia, Europe, China, Middle-East, Africa, North and South America and the Asia-Pacific.
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- Ruia Group to bid for south Korean SsangYong Motor (Lead) - Aug 08, 2010
- Ruia Group to bid for SsangYong Motor by Aug 10 - Jul 21, 2010
- Mahindra to sell 120,000 SsangYong cars globally this year - Jun 22, 2011
- `Mahindras to seal deal with Ssangyong by early next year' - Nov 11, 2010
- Mahindra inks pact to acquire Ssangyong Motors - Aug 23, 2010
- Mahindra chosen preferred bidder for Ssangyong Motors (Lead) - Aug 12, 2010
- Ruia Group may acquire European auto-component company - Jul 15, 2010
- Dunlop assessing feasibility of acquiring Korean SsangYog - Jun 15, 2010
- M&M; unveils SUV Rexton, to invest in new platform - Jan 05, 2012
- Mahindra to launch SsangYong SUVs by next year - Sep 05, 2011
- India's Mahindras may acquire Korea's Ssangyong next year (Lead) - Nov 11, 2010
- Indian utility vehicle maker prime bidder for Ssangyong - Aug 12, 2010
- Mahindra to launch more new vehicles next fiscal - Jan 10, 2012
- Mahindras to make foray in aerospace industry - Jun 27, 2010
Tags: africa north, asia pacific, august 10, car prices, cash flow, east africa, last date, mahindra, management presentation, market cap, middle east, north and south america, profit margins, profitability, ruia group, russia europe, south korean firm, south korean market, ssangyong motor, suitors