Ruia Named a Contender for SsangYong Purchase
Pawan Kumar Ruia, owner of Dunlop India and Falcon Tyres, is said to be one of the bidders for SsanYong Motor. The South Korean vehicle manufacturer, which has been in court-led restructuring since early last year, was announced for sale this week. Bidders have until May 28 to submit a letter of intent. Sources reported by Calcutta, India based newspaper The Telegraph say Ruia is prepared to pay up to US$500 million for the company.
“We are exploring a good number of acquisitions globally. We are not denying, but can’t confirm any specific deal until it’s finalised,” an official of the Ruia Group told The Telegraph. The newspaper also states that a “top-level” Ruia Group official is in South Korea for specific discussions on a possible deal. SsangYong has not commented on this allegation.
Last December the Ruia Group acquired a 60 per cent stake in German automotive component firm Henniges Automotive Grefrath and in July 2008 it purchased British component maker Schelgel Automotive. Should the group’s bid for SsangYong be successful, it will be in a good position to commence its own vehicle production.