India's top utility vehicle maker Mahindra and Mahindra Ltd announced that it will forward a binding bid to get hold of a majority equity stake in South Korean company Ssangyong Motors Company Ltd.

According to the company's statement, ''The Board of Directors of the company at its meeting have authorised submission of a binding bid to acquire a majority stake in Ssangyong Motors Company Ltd, South Korea.''

M&M is among the six bidders picked out to submit a bid for Ssangyong that has been under court-led reshuffle since early last year.

Among other bidders include France's Renault and Japanese associate Nissan Motor, together with India-based Ruia group.

The closing date for submission of the bids closes on Aug 10, 2010.

Ssangyong, which has around 2% equity stake in the South Korean auto market, exports to North and South America, West Asia, Europe, China, Africa, Russia and the Asia-Pacific.

If productive the acquirement will offer M&M a manufacturing base in South-East Asia, where it doesn't have an attendance at this time.