M&M to spend Rs 800 Crore on Ssangyong Motor Company

Posted By: Religare
Subscribe to GoodReturns

M&M to spend Rs 800 Crore on Ssangyong Motor Company
Mahindra and Mahindra had acquired Ssangyong Motor Company, a South Korean SUV maker, almost a year ago and are now planning to set up a assembly plant and invest Rs 800 crore over next 3-4 years.

Speaking at the Auto Expo in Delhi, the officials from the company spoke about developing a completely new platform with Ssangyong which will take few years. But the earliest SUV to come out of Ssangyong stable will be Rexton. It is expected to be out within next six months.

Mahindra and Mahindra have asked over 1,500 workers of Ssangyong to not go on a strike for any reason for at least a period of 3 years. The agreement signed lists a promises made by both sides. The company has plans for market beyond India and is looking for dealers and local partners in Russia, China and possibly Brazil.

M&M bought 70% stake in Ssangyong for $463 million in November 2010.

Dion Global Solutions Ltd

Read more about: automobile, mahindra
Story first published: Friday, January 6, 2012, 13:31 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'