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India's largest utility vehicles and tractor maker Mahindra & Mahindra has submitted a letter of intent to bid for South Korea's Ssangyong Motor Corp, two sources with direct knowledge of the deal told Reuters on Friday.One source said Mahindra would bid for buying the cash-strapped Korean utility vehicles maker in which China's SAIC Motor Corp has a 10 percent stake.Earlier a source had told Reuters that French carmaker Renault has submitted a preliminary bid for the Korean maker of sport utility vehicles.(Reporting by Janaki Krishnan; editing by Surojit Gupta)(For more business news on Reuters India click http://in.reuters.com)
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