By on August 7, 2010

India’s Mahindra & Mahindra is putting in a binding bid to buy a majority stake in troubled South Korean automaker Ssangyong Motor. Ssangyong went bankrupt in 2009 after China’s SAIC dropped the ball. They nearly went up in flames, when militant workers incited a riot and threatened to blow up the paint shop.

On Thursday, sources told Reuters that Mahindra was willing to pay up to $400 million for a controlling share in Ssangyong.  According to Automotive News [sub], Mahindra “is the process of becoming a diversified player in the automotive sector and has been steadily making small acquisitions.”

Mahindra bought out Renault’s stake in a joint venture, that makes no-frills Logan sedans in India.
A few days later, it entered into an agreement to buy a majority stake in Indian electric carmaker Reva.

Mahindra, is not the only bidder for Ssangyong.  Others bidders include Renault-Nissan, and Ruia group from Kolkata.

Get the latest TTAC e-Newsletter!

Recommended

4 Comments on “Indian’s Mahindra After Korea’s Ssangyong...”



Back to TopLeave a Reply

You must be logged in to post a comment.

Recent Comments

  • DenverMike: @BAFO – That’s beside the point, but were a young country, live a little too fast, die a...
  • justinx: More hot air from downunder
  • Big Al from Oz: conundrum, Can you furnish TTAC with a link supporting your claims. If not, what is the intent of...
  • ajla: Also, if you want to see Johan stammer ask to comment on the future of CT6 production in North American...
  • ajla: I think you are wrong Steph. Johan also said that there won’t be direct successors to the ATS/CTS duo and...

New Car Research

Get a Free Dealer Quote

Staff