After making the acquisition of the troubled Satyam Computers via Tech Mahindra a success in the Indian market, utility vehicle maker Mahindra & Mahindra is now headed towards Korea to take another challenge. It has been learned that the company is interested in buying the beleaguered SsangYong Motor Company (SMC).

According to a report by the Korea Economic Daily, the M&M management has sent a letter to the team of SMC showing interest in taking over control of the cash-strapped firm. However, the paper didn't quote the source of the news in the report.

Notably, the target manufactures 4x4 utility vehicles and recreational vehicles under its portfolio. For the uninitiated, Mercedes-Benz AG has earlier made a capital investment into the firm.

In fact, China's largest automaker Shanghai Automotive Industry Corp (SAIC) is the current promoter of the company as the company paid around $500 million in 2004 for a 49% stake in the company. Moreover, SAIC is also a part-owner of the India operations of General Motors.

Interestingly, M&M made its first attempt to buy SMC in 2003 when its subsidiary Daewoo was thrown into troubles. However, M&M later pulled the plug and kept itself out of the hunt for long before making a comeback.