Mahindra & Mahindra said it has been selected as the favored bidder by the struggling South Korean car maker SsangYong Motor for take over and the deal is expected to be completed by November this year.
Anand Mahindra, Mahindra & Mahindra (M&M) Vice Chairman and MD, “I think what this deal does for us is provide us with a tremendous opportunity to accelerate our progress towards our stated intention of becoming a globally recognised player in the specific niche of utility vehicles”.
He said the transaction to get a majority stake in the Korean firm is expected to be completed by November this year but did not tell the financials involved. M&M said it plans to let SsangYong Motor work as an independent firm with Korean management.
The Indian car manufacturer outbid other companies, including Kolkata-based PK Ruia Group, the owner of the Dunlop and Falcon tyres. The M&M board had given the green signal to place a bid for getting a majority stake in SM.