M&M digging 70 per cent bid in SsangYong Motor
Mahindra & Mahindra expressed that it will obtain 70 per cent bet in the below par South Korean auto manufacturer SsangYong Motor for $463 million approximately Rs 2,105 crore in a way to turn out to be a worldwide utility vehicle most important.
The groups have put signature a ultimate accord to this consequence and the achievement procedure is anticipated to finish by March 2011, as per the statement made by Mahindra & Mahindra (M&M).
As division of the accord, M&M will get hold of 70 per cent stake in SsangYong Motor Company (SYMC) and out of the total expenditure of attainment of $463 million; $378 million will be in new-fangled equities and $85 million in commercial bonds.
The approaching jointly of Mahindra and SsangYong will outcome in a gung ho worldwide UV performer.
As one with its economic ability, Mahindra presents capability in sourcing and advertising approach whereas SsangYong has muscular ability in technology, as per Pawan Goenka, the M&M president (Automotive and Farm Equipment Sectors).