Mahindra & Mahindra said it has signed a definitive agreement with Ssangyong Motor Company Limited (SYMC) to acquire 70 per cent stake in the ailing South Korean auto maker at a total cost of USD 463 million (about Rs. 2,105 crore).
“The coming together of Mahindra and Ssangyong will result in a competitive global UV player. Together with its financial capability, Mahindra offers competence in sourcing and marketing strategy while Ssangyong has strong capabilities in technology,” M&M President, Automotive & Farm Equipment Sectors, Pawan Goenka said.
Ssangyong Motors is a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV), with models such as Musso and Korando C, which was launched in export markets in October 2010.