Mahindra submits letter of intent for Ssangyong

By Janaki Krishnan

(Reuters) - Mahindra & Mahindra, India's top utility vehicle and tractor maker, on Saturday said it had submitted a letter of intent to make a bid for troubled Korean SUV maker Ssangyong Motor, but declined to comment on how much it was willing to pay.

Seven foreign and South Korean companies have submitted letters of intent for Ssangyong, 10 percent owned by China's SAIC Motor Corp, Ssangyong said on Friday.

"We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence," Pawan Goenka, president of Mahindra's automative sector told reporters.