Mahindra and Mahindra acquired 70% stake in the Korean company Ssangyong and the company has already completed all the formalities related to the acquisition. Mahindra today also announced that Dr. Pawan Goenka, President, Automotive and Farm Equipment sectors, M&M has been appointed as the Chairman of Ssangyong Motor Company at a meeting with the newly appointed Board of Directors of the company.
The CEO of Ssanyong will be Mr. Yoo-il Lee and a total of 6 people will be on the Board of Directors of SYMC. Dr. Pawan Goenka said that the priority of the company would be product development and getting out quality products in the Indian market. As announced earlier the first products to roll out of this venture would be the Kornado-C and the Rexton but when asked if Mahindra UV's wil make their way into the Korean market Dr. Goenka said that they had not thought about that as of now.
