While the India's largest utility vehicles and tractor maker, Mahindra & Mahindra will still take a little more time to finalise its decision on whether it would like to file a bid for the troubled Korean auto major Ssangyong but the company will need to file its bid before July 20 which stands to be the final deadline for the submission of bids.

According to Pawan Goenka, President - Automotive sector, M&M, the company will only decide on the issue of placing a bid for the target company after the due diligence process is over.

Moreover, Goenka also pointed out the fact that it will make a lot of sense for the company to comment on how important if Ssangyong to Mahindra after it has got the company in its pocket.

In fact, there are close to six bidders in the list including the Calcutta based Ruia Group. In fact, all the six company had earlier submitted letters of intent to buy the Korean automaker that has been under court-led restructuring since early 2009.

Ssangyong is mainly into the manufacturing on SUVs and recreational vehicles and is estimated to be close to $500 million in value.