SEOUL, Nov 30 (Reuters) - French auto maker Renault Group has submitted a letter of interest to buy a major stake in South Korea's Ssangyong Motor Co , an official at Renault Samsung Motor Inc said on Sunday.
"The parent group has submitted a letter of interest for Ssangyong Motor," said the official at Renault's South Korean unit. The official, who declined to be named, could not provide details immediately.
Ssangyong Motor, a sports utility vehicle maker, has said its creditors would sell 55.4 percent of the company via an international auction. The car maker has been under a creditor-led debt restructuring programme since December 1999.
A Ssangyong Motor spokesman could not confirm Renault's interest but said a preferred bidder would likely be chosen around December 20 for exclusive negotiations.
Interested investors must submit buyout proposals by December 11, the Ssangyong spokesman said.
Korean media had earlier reported India's top truck and bus maker Tata Motors Ltd would also likely bid for Ssangyong Motor, but a Tata Motors spokesman said the company was not interested.
Ssangyong Motor shares last traded at 8,620 won each on Friday, up 1.5 percent on the day and up 72 percent since the end of 2002.