Mahindra to finalize with Ssangyong by December

Mahindra &Mahindra Ltd stated on Wednesday that the talks over the final agreement on taking over the debt ridden Ssangyong will start in the end of this year in December. Mahindra & Mahindra (India) will start talks over price by December to buy Ssangyong, the South Korean Company. Ssangyong started in 1954, were into commercial and automobile vehicles.

There were few local and foreign companies who showed interest in purchasing the Ssagyong Motors, they were Mahindra & Mahindra, Ruia Group from India, SM Aluminium, Seoul Investments and Reanult Samgsung from South Korea. Mahindra & Mahindra India were chosen for the bidding of the South Korean company Ssagyong in August this year.

In Seoul Anand Mahindra the Vice-Chairman Mahindra said in the news conference that the due diligence is completed and they are contented with the results. He also added that they are hopeful to finalize the agreement by the end of this year and by February or March they will complete the whole process.

Ssangyong stated on Tuesday that the final discussion and bargain over the pricing will start in this week. The Vice Chairman of Mahindra and other working officials visited Ssangyong for the talks.

Mahindra a leader in utility and SUV is successful in the Indian Markets. The deal will greatly help the Indian car maker to get a stronger hold in the international market. The Korean car maker exports to China, Russia, Europe and Middle East. Mahindra is a global company but the deal can be a benchmark as it will surely give competition to the South Korean market.

It can be a big leap for Mahindra & Mahindra as it will give them a stronger hold in the South Asian car market. The developing countries are showing greater prospects of growth than the West.

Mahindra and Mahindra currently sells Mahindra Scorpio, Mahindra Xylo, Mahindra Bolero and Mahindra Logan in the Indian market and has been doing really well with all its products except the Logan which is slowing picking up in the Indian auto market. It is also worthwhile mentioning here that Mahindra Scorpio has a dedicated page on Facebook where it has managed to gather a fan following of 1.5 lakh.

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