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Cash-strapped carmaker SsangYong Motor Co. will receive acquisition proposals through September 15, having 11 investors from home and abroad already submitting letters of intent.
A two-way race between local investors SM Group and Edison Motors Co. is expected.
SM Group's businesses range from construction to auto parts manufacturing.
Meanwhile, Edison Motors Co. has teamed up with a homegrown equity fund, Korea Corporate Governance Improvement (KCGI) in pursuing SsangYong.
Mahindra holds a 74.65 percent stake in SsangYong.
With a lineup consisting of the Tivoli, Korando, Rexton, and Rexton Sports SUVs, SsangYong's sales from January to July fell 15 percent on-year to 48,229 autos from 56,846.
SsangYong plans to develop at least five electric vehicle models over the next four years and aims to launch its first electric vehicle, the Korando Emotion, in Europe in October.
