M&M quits race for Daewoo unit

Automobile major Mahindra & Mahindra (M&M) has pulled out of the race to buy Daewoo Motors India Ltd's (DMIL's) transmission and engine unit in Surajpur in western Uttar Pradesh.

The company's chief operating officer (automotive sector), Pawan Goenka, said that M&M officials had earlier expressed interest in buying the unit but had now decided not to bid.

Meanwhile, General Motors India (GMI), which is bidding for DMIL's car assembly unit, said due diligence will be completed in two days.

GMI President Aditya Vij said the company would make a formal request to the Debt Recovery Tribunal to take over the unit once the due diligence was completed.