Korean SsangYong Motor owned by the Indian industrial giant Mahindra & Mahindra – he saved her from bankruptcy.
Mahindra & Mahindra is considering the sale of SsangYong Motor, about it to Agency Reuters said managing Director of Mahindra & Mahindra Pawan Goenka (Goenka Pawan). It is allowed and the involvement of a third-party investor partner.
“SsangYong needs a new investor. We work with the company to see if we can attract investments,” said Goenka.
Mahindra, which owns 74,65% stake in SsangYong, at the beginning of this year was going to invest in SsangYong $423 million to 2022-mu to take the company “a plus”. However, because of the pandemic, COVID-19 and falling sales in April, the industrial conglomerate announced that it cannot invest these funds.
It is also worth noting that the Mahindra has faced serious difficulties, announcing a net loss of $258 million according to the results of 2019.
While potential buyers of SsangYong Motor is not expected, Mahindra & Mahindra will closely monitor their unprofitable enterprises for the next 12 months as part of a wider programme of cost reductions and restructuring, the details of which have not yet been announced.