Ruia Group to decide on SsangYong bid in three days

Kolkata, 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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