Ssangyong Motor has said it has shortlisted six out of seven firms submitting letters of intent to buy the troubled carmaker.
As expected, the bidders include Renault and Mahindra, as well as local companies Seoul Invest, a private equity fund, and YoungAn Hat, a maker of buses.
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Analysts expect Renault to become a frontrunner in the bidding process, given the synergies that the deal would bring to its Korean unit, Renault Samsung.
The shortlisted companies will conduct preliminary due diligence for about a month before submitting binding bids by July 20. A preferred bidder will be chosen in August.
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ANALYSIS: In these straitened auto industry times, why the interest in Ssangyong?
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