Ruia Group commences due diligence on Korea's Ssangyong

India's Ruia Group, owners of tyre maker Dunlop India, has begun the due diligence process on troubled Korean SUV maker Ssangyong Motor, its top official said on Tuesday.                                            
"...Whether we bid or not will depend only after the due diligence process is over. We will bid provided we find the target (Ssangyong) is such that we would be able to turn it around," chairman of the group Pawan Ruia told reporters.                    
 

Earlier this month, Ssangyong -- owned 10% by China's SAIC Motor Corp -- said it had shortlisted six out of seven firms that submitted letters of intent to buy the car maker, under court-led restructuring since early 2009.                                            
 

Apart from Ruia Group, India's top utility vehicles maker Mahindra and Mahindra, France's Renault SA together with Japan's Nissan are in the race for Ssangyong.                                            

Ruia declined to comment on analysts' valuation for Ssangyong of Rs23 billion, which was reported in the media, but said the due diligence will take about a month.                                           

"I can't comment on the valuations but whatever valuations are being quoted in the media seems to be highly overpriced."