Mahindra finishes SsangYong deal

     Mahindra & Mahindra has complete the process of acquisition a majority stake in the SsangYong Motor Company of Japan. Mahindra had bidded for the troubled Korean carmaker in August last year. Mahindra is planning to launch SsangYong Motors vehicles later this year.

     Speaking on the 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.”

     Mr. Goenka also stressed that SsangYong Motors will function as an independently run Korean company with largely Koreans on the management board.’ Made in Korea’ tag for SsangYong vehicle will stay. Mr. Yoo-il Lee has been appointed as CEO of SsangYong Motors and Dilip Sundaram as the CFO.