The race for the acquisition of the Korean carmaker Ssangyong Motor Co. began a few months back and a few days back Mahindra and Mahindra was already chosen as the preferred bidder for the brand. However, the good news is now out – Mahindra & Mahindra’s takeover of the Ssangyong Motor Co. is done! The Indian SUV giant has signed an MoU with SYMC which now grants them majority stake in SYMC. The financials have not been disclosed as of now.
M&M will now take steps to introduce some of Ssangyong’s models in India and at the same time will use Ssangyong’s well rooted networks in Korea and Russia to strengthen its own global presence. M&M will however keep the Ssangyong brand alive and will let it function as a completely independent entity by keeping the Korean management while giving its own financial support. The R&D exercises at Ssangyong is bound to help Mahindra in bettering their current product line-up.
“Korea is one of the world’s leading centres of automotive excellence and Ssangyong brings with it a rich legacy of R&D and innovation. India is a rapidly growing SUV market and will create new growth avenues for Ssangyong. The synergies between both the brands, which share a similar heritage, will make us a combined force to reckon with in the global UV space,” said Mr. Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group.
“We are committed to leveraging Ssangyong’s strong competencies in R&D and technology by investing in a new SYMC product portfolio which will help us gain momentum in global markets. Mahindra’s focus on alternative fuels and electric vehicles with the acquisition of REVA, will further strengthen SYMC’s brand value and take it to new geographies,” said Dr. Pawan Goenka, President, Automotive and Farm Sector, Mahindra & Mahindra Ltd.
Head over to the next page to read the entire Press Release>>>