Mahindra & Mahindra has completed the acquisition of a majority stake in the South Korean SsangYong Motor Company.
This deal also signals that SsangYong is no longer in court receivership. Mahindra had won the bid for the troubled Korean carmaker back in August 2010.The first results of this deal will be seen in India when Mahindra launches the Korando-C in India.
On this occasion, Pawan Goenka, president of Mahindra & Mahindra, said, “This is a landmark day for all of us at Mahindra as it marks the beginning of what I am sure will be an enduring partnership with SsangYong Motor Company. He further added, “I would like to thank all the employees of SsangYong as well as the company’s creditors for the help and cooperation extended to us during this long process.”
Goenka also stressed that SsangYong will be an independently run Korean company with largely Korean management and will remain a “Made in Korea” brand. Goenka also appointed Yoo-il Lee as the CEO of SsangYong and Dilip Sundaram as the CFO of the Korean brand.