South Korean Ssangyong Motor Co, currently in financial turmoil, said today it has agreed to supply Russian carmaker Sollers about 160,000 cars in a knock-down export deal through 2017.

Under the contract Ssangyong is set to export sports utility vehicle parts that will be assembled at Sollers' far eastern factory in Vladivostok, Ssangyong said in a statement.

The deal is part of the effort to revive the SUV maker, now in a sale process under court-led restructuring.

Six bidders have been shortlisted in the early phase of Ssangyong's sale, worth an estimated up to $500 million, including India's top utility vehicle maker Mahindra & Mahindra and France's Renault SA.

Mahindra & Mahindra (M&M) meanwhile said in Mumbai that it has commenced due diligence on South Korea's troubled car major, Ssangyong Motor.

"The due diligence is on and is expected to be completed in a couple of weeks," Anand Mahindra, vice chairman and managing director of M&M said. A bid will depend on the inspection's findings into Ssangyong, M&M president Dr Pawan Goenka added.