Indian's Mahindra After Korea's Ssangyong
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.
Mahindra, is not the only bidder for Ssangyong. Others bidders include Renault-Nissan, and Ruia group from Kolkata.
Comments
Join the conversation
When the armed response unit turn up, you've officially crossed the line from "strike" to "riot"...
Of course, the idea of a Korean Rodius decked out like an Indian jinga truck hurts my brain.
They forget what life was like before Reagan. Life that did not have to take from others to get ahead. Give back the middle class or we will take it back (forcibly).