April 26, 2010 / 3:16 AM / in 10 years

Mahindra interested in Ssangyong - paper

SEOUL (Reuters) - Mahindra Group has expressed interest in buying South Korea’s cash-strapped Ssangyong Motor Co, a South Korean newspaper reported on Monday.

Mahindra Group recently sent a letter to Ssangyong saying it wanted to acquire management rights in the firm, the Korea Economic Daily said, without citing sources.

The group’s unit Mahindra & Mahindra, India’s top utility vehicle and tractor maker, is expected to buy Ssangyong, the paper quoted industrial sources as saying.

A Ssangyong spokesman declined to comment on the report while Mahindra officials were not available for comment.

A South Korean court backed Ssangyong’s rescue plan last December, which was opposed by its majority owner, China’s SAIC Motor Corp.

(Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)

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