Mahindra & Mahindra has been selected as preferred bidder by SsangYong. The preferred bidder status would require it to enter into a MoU with SsangYong Motor Company, followed by a detailed due diligence process.
For those who don’t know, SYMC is a Korean Manufacture of Auto and Aggregates. It sells seven models under five brands which include two large size sedans, four SUVs and one MPV. The company is seen as a major player in the Korean SUV segment having been recorded 1.3 million SUV sales from 1990-2009. It has a considerable dealer presence of about 1,200 dealers around the globe.
Speaking on the occasion, Mr. Anand Mahidnra, VC and MD, Mahindra Group said that Korea is one of world’s leading centers of automotive excellence and Ssangyong brings with it a rich legacy of R&D and innovation. Mahindra and Ssangyong will create synergy, which will make us significant global players.
By getting selected as the preferred bidder by Ssangyong, Mahindra becomes the second Indian manufacturer after Tata Motors to acquire a foreign automotive company. Tata Motors acquired iconic brands Jaguar and Land Rover in 2008.