Mahindra completes acquisition majority stake in SsangYong

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Auto major Mahindra & Mahindra today said it has completed the acquisition of a majority stake in South Korea's SsangYong Motor Company (SMC).

Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out USD 463 million (about Rs 2,105 crore).

With the new management taking control, SMC will invest over 240 KRW (nearly Rs 960 crore) this calendar year on product development and brand building. The firm will increase investment in product development by 70 per cent in 2011, as compared to last year, at over KRW 200 billion (over Rs 800 crore).


[Source:PTI

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