Mahindra submits letter of intent for Ssangyong

On Friday, sources had told Reuters that Mahindra and Renault had both submitted letters of intent for Ssangyong.

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

“We have to look at the economic viability of the company and how it fits into our strategy before we make a bid,” Goenka said. Mahindra has been on an acquisition spree lately as it seeks to expand its portfolio. In April, it saud it was buying out Renault’s stake in a joint venture making Logan sedans in India, its first entry into the passenger car segment.

Earlier this week, it bought a majority stake in maker of electrical cars Reva Electric Car Company for an undisclosed sum, giving it a foothold in the small but growing electric vehicles industry which is attracting global majors such as General Motors and Toyota. For next three years, it will be spending Rupees 45 billion.

M&M Q4 net up 36 percent

Mahindra & Mahindra has reported a growth of 36.40 per cent in net profit at Rs 570.26 crore for the quarter ended March 31, 2010, over the same period last year, reports PTI from Mumbai. Total income of rose to Rs 5,304.63 crore for the January-March quarter, from Rs 3,646.57 crore in the same period previous fiscal.