Mahindra, India’s largest SUV maker will pay 427.1 billion won ($378 million) for a controlling stake in Korean manufacturer Ssangyong Motor Co., the companies have revealed.
Mumbai based Mahindra, which aims to widen its model range and boost overseas sales, will take a 70% stake by buying new shares in the deal, which needs approval from Ssangyong creditors. Mahindra also will buy 95.4 billion won (about $84 million) of new bonds from Pyeongtaek-based Ssangyong.
Mahindra expects to complete the acquisition by March, the company said. The car maker was named the preferred bidder in August.
Source: Automotive News