Indian conglomerate Mahindra & Mahindra have announced their interest in taking over the now bankrupt Korean car maker Ssangyong. But that’s not all, they are facing competition from their Indian market partners Renault in the bid.

M&M and Renault have history together as they used to be partners in the production of the Logan series cars in India. Nissan came in later on in a threeway deal. But in 2008, Mahindra exited the venture and bought up Renault’s stake in Logan JV. Due to problems within the two companies sales of Logan suffered dramatically.

Other bidders in the mix include Ruia Group, the owners of Dunlop India, Korean aluminium producer SM Group, private equity fund Seoul Investment and a company that makes Daewoo buses. The Ruia Group as confident about their chances, as they feel that they have the expertise in turning ‘sick’ companies around. They have identified value in the business thus have put in a bid for the same.

Estimates from the South Korean media have stated that the bids put in place were somewhere in between $300 to $500 million. Clearly both Renault and Mahindra see some ‘value’ (as the Ruia Group put it) in Ssangyong. Mahindra that dominates the Indian SUV market, is planning to launch its own brand in the US, thus modern (some Mercedes-Benz derived) SUV technology such that used in the Rexton and Kyron would come in handy.

Mahindra is currently filling up it’s portfolio with a variety of buyouts which include the recent purchase of REVA electric. REVA previously had dealings with GM in the production of an electric car, but pulled out close to the time Mahindra announced its buyout of the EV producing company.