It has been learned from the sources that the UV maker, Mahindra & Mahindra (M&M) will be holding a special board meeting on July 15 to finalise its decision on the bid for the troubles Korean auto major Ssangyong.

It is to be mentioned here that the beleaguered South Korean firm SsangYong Motor mainly manufactures sports utility vehicles (SUV) and recreational vehicles (RV) surely fits the portfolio of the utility vehicles major, but the company would still have to analyse the future viability of the acquisition.

A person familiar with the development said that a special, board meeting has been called on the 15th July to decided on whether to bid or not the for Korean auto major and if yes, what will be the amount.

The Korean auto major has extended its deadline to submit the final bids to August 10th from the earlier announced date of July 20th.

However, an M&M spokesperson said that the company is currently under due diligence and will take the final decision at an appropriate time. Notably, Ruia Group in also in the race to buy the troubles automobile company.