Mahindra takes over Ssangyong for Rs. 2,100 crores!

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Ssangyong-Mahindra-buyout

Mahindra & Mahindra’s ongoing bid for the buy-out of Ssangyong Motors from Korea has finally reached its valuation and the deal has been inked last evening at $ 463.6 million which translates to Rs. 2,100-crore (approx, by current exchange rates). Industry experts claim that this value has been a ‘steal deal’ for Mahindra and should help Mahindra get a head start into emerging markets like Russia, where Ssangyong has a strong presence. The deal will be closed by March 2011 and as Mahindra states, this partnership is like a match made in heaven, with the Indian carmaker’s ability to supply both cash and marketing grunt that should go hand-in-hand with Ssangyong’s technological prowess. The Rs. 2,100-crore deal will now give Mahindra & Mahindra a 70% controlling stake in Ssangyong Motors. Congratulations Mahindra!

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