`Mahindras to seal deal with Ssangyong by early next year’November 11th, 2010 - 12:56 pm ICT by IANS
By Arvind Padmanabhan
Seoul, Nov 11 (IANS) Indian utility vehicle maker Mahindra and Mahindra should seal the deal to acquire South Korea’s third largest automobile brand Ssangyong for around $400-500 million by early next year, Indian Ambassador here Skand R. Tayal said Thursday.
“Mahindra and Mahindra has been shortlisted as the preferred bidder for Ssangyong. This deal should go through in a couple of months,” Tayal told reporters on the margins of the G20 Summit, where India is being represented by Prime Minister Manmohan Singh.
Mahindra and Mahindra had entered into an agreement with the ailing Ssangyong Motor in August to acquire a majority stake in the South Korean sport utility vehicle maker and expand its business in international markets.
The Chinese carmaker Shanghai Automotive Industry Corp had earlier failed to turn the company around and reduced its stake in SsangYong from 51 percent to 3.8 percent. Later a restructuring plan was approved in December last year for the company.
Mahindra and Mahindra had pipped the Kolkata-based Ruia Group in the race and had been eyeing the South Korean company for its technology, especially in diesel engines, and access to markets overseas.
Ssangyong, which makes a whole range of sports utility vehicles, has about a two percent of the South Korean market, and also exports to Russia, Europe, China, Middle-East, Africa, North and South America and the Asia-Pacific.
(Arvind Padmanabhan can be reached at email@example.com)
- India's Mahindras may acquire Korea's Ssangyong next year (Lead) - Nov 11, 2010
- Ruia Group to bid for south Korean SsangYong Motor (Lead) - Aug 08, 2010
- Mahindra inks pact to acquire Ssangyong Motors - Aug 23, 2010
- Ruia Group to bid for south Korean SsangYong Motor - Aug 08, 2010
- India-South Korea economic ties booming: ambassador - Nov 11, 2010
- Mahindra to sell 120,000 SsangYong cars globally this year - Jun 22, 2011
- Mahindra chosen preferred bidder for Ssangyong Motors (Lead) - Aug 12, 2010
- Ruia Group to decide on SsangYong bid in three days - Aug 05, 2010
- M&M; unveils SUV Rexton, to invest in new platform - Jan 05, 2012
- Mahindra to launch SsangYong SUVs by next year - Sep 05, 2011
- Ruia Group to bid for SsangYong Motor by Aug 10 - Jul 21, 2010
- Indian utility vehicle maker prime bidder for Ssangyong - Aug 12, 2010
- Dunlop assessing feasibility of acquiring Korean SsangYog - Jun 15, 2010
- IT professionals dominate Indian diaspora in South Korea (Seoul Diary) - Nov 11, 2010
- Mahindra to launch more new vehicles next fiscal - Jan 10, 2012
Tags: , , , , , , , , , , , , , , , , , , ,