Mahindra In Talks With An Investor For Majority Stake In Ssangyong; Hopes To Close Deal In February
Highlights
Also Read: Mahindra To Focus On SUVs, Electric After Ending Ford JV Talks
Mahindra currently holds a 74.65 per cent stake in SsangYong
Speaking to the media, Anish Shah, Group President, Mahindra Group too reinforced this point saying, "Mahindra would cease to be a majority shareholder by the end of this fiscal year. And that is something that we are committed from a capital allocation standpoint."
The company is looking to sign the term sheet in the coming week after which further talks will see the company selling its majority stake to the investor. Mahindra will become a minor shareholder. The Korean carmaker, Ssangyong, has been reporting losses for 15 consecutive quarters and struggling to pay back its debts. It's reported that, HAAH is expected to invest about 550 billion won in SsangYong, the minimum amount required to normalise operations for the UV maker. Under the deal, the Korean automaker will see investments coming in from China's Chery Automobile Company that partly owns HAAH Automotive.
Also Read: Ford, Mahindra Call Off Auto Joint Venture
Ssangyong has been reporting losses for 15 consecutive quarters and struggling to pay back its debts
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