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Archives

Mahindra completes Ssang Yong takeover

15/04/2011 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

The signing Ceremony

MAHINDRA & Mahindra has recently completed the acquisition of a majority stake in South Korea’s SsangYong Motor Company (SMC). Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out $463 million (about Rs. 2,105 crore). The company has appointed MrPawan Goenka as a Chairman of SsangYong. With the new management taking control, SMC will invest over 240 KRW (nearly Rs. 960 crore) this calendar year on product development and brand building. The firm will increase investment in product development by 70% in 2011, as compared to last year, at over KRW 200 billion (over Rs. 800 crore). It will also invest over 40 billion KRW (about Rs. 160 crore) for brand building in Korea - a 60 per cent increase over 2010 - and increase overseas brand investment by over four times in 2011. "These investments will be funded by SMC’s internal accruals. After the debt restructuring SMC’s balance sheet is clean. Although it is unlikely that it will need debt for this investment, but if needed, it can raise," M&M President, Automotive and Farm Sector, Mr.Pawan Goenka said from Seoul. Mr.Goenka said Yoo-il Lee has been appointed as the CEO of SMC, while Mr.Dilip Sundaram from Mahindra will be the CFO. Also a new board of directors with six members.  Mr Goenka said, "Mahindra was extremely conscious of SYMC’s Korean heritage and would only want to enhance it. SsangYong will be an independently run Korean company, with largely Korean management and will remain a ‘Made in Korea’ brand."  "This marks the beginning of a new journey for SYMC and will also pave the way for both Mahindra and SYMC to emerge as a strong force, allied together in the global passenger vehicle industry through their strategic partnership," the release said.  M&M aims to tap the R&D and innovation pool of the South Korean company for its own growth. The two companies will share product development programmes and platforms for Indian and world markets.  It plans to launch SsangYong branded SUV’s such as Rexton and Korando-C through the completely knocked down kit route. It is setting up an assembly line at Chakan near Pune for the purpose.      

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