Mahindra & Mahindra Now Has Majority Stake in SsangYong
Mahindra won the bid to buy the Korean company in August last year. The first result of the buyout will be the launch of the Rexton and Korando-C in India.
The press release stated that Mahindra has plans to propose a 70 percent investment increase in product development compared to last year. A substantial 60 percent increase in brand building in Korea is also expected, combined with an increase in overseas brand investment by over four times, in 2011.
“Mahindra brings with it a great deal of passion, domain expertise and knowledge of the global UV market, as India’s leading utility vehicle (UV) manufacturer. All of us at SsangYong look forward to working closely with the Mahindra team to help develop a new product portfolio and gain momentum in overseas markets,” said Mr. Yoo-il Lee, CEO, SsangYong Motor Company.
“I would like to thank both joint-receivers, Mr. Lee and Mr. Park, who were involved in the day to day operations of the company and who ensured that SsangYong stood up to the challenge through the entire rehabilitation period,” said Mr. Bharat Doshi, Executive Director & Group CFO, Mahindra & Mahindra Ltd. “I would also like to express gratitude to the Seoul Central District Court who handles this daunting task and guided Ssangyong throughout this process.”