Mahindra & Mahindra Ltd. (M&M) today announced that it has completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company (SYMC) and that the company is no longer in Court Receivership. Mahindra had emerged as the preferred bidder for SsangYong in August 2010.This does mean that the Rexton and the Kornado-C will be making its way into the Indian markets.
Present on the occasion were Mr. Bharat Doshi, Executive Director & Group CFO, Mahindra & Mahindra Ltd. and Dr. Pawan Goenka who is President of Mahindra’s Automotive and Farm Equipment Sectors. Key officials from the Mahindra Group and SYMC were also present. The Council will focus on various aspects such as global procurement, new car development and business strategy to penetrate international markets.
