M&M to launch ‘global SUV’, two Ssangyong models
18 Mar 2011
Mahindra & Mahindra will launch its yet-to-be named 'global SUV' in the next fiscal, besides two Ssangyong models, Korando C and Rexton.
The new SUV, codenamed 'W201', is now being showcased to the vendors of Mahindra. The company will start assembling Ssangyong models at its Chakan plant, Pawan Goenka, the company's president for the automotive & farm equipment divisions, told reporters in Mumbai.
Goenka has been appointed the chairman of South Korea's Ssangyong Motor Co. Mahindra moved last year to buy the loss-making Ssangyong for $464 million, giving it access to the latter's technologies and a foothold in Southeast Asia.
Mahindra Finance, the group's vehicle finance arm, will look at setting up a joint venture in South Korea after analysing the regulatory framework there.
Goenka said, "For Ssangyong, there won't be any necessity to raise debt, since 80 per cent of its debt has already been repaid by Mahindra".
On Tuesday, Mahindra, said its acquisition of Ssangyong was concluded. "We have completed all formalities related to the acquisition of a majority stake in Ssangyong Motor Co and that the company is no longer under court receivership," said an M&M statement.
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