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Mahindra in discussion with potential investors to sell majority stake in SsangYong Motor PTI
New Delhi: Mahindra & Mahindra (M&M) Friday said it is in discussions with a potential investor to sell its majority stake in South Korean arm SsangYong Motor Company (SYMC) which has already filed for bankruptcy, and expects to sign a non-binding agreement next week.
The Mumbai-based auto major, which currently holds nearly 75 per cent in the Korean firm, expects to finalise the deal by February end.
“We are in discussion with a potential investor for majority stake in SsangYong. We hope to conclude the term sheet with the investor sometime next week,” M&M Managing Director Pawan Goenka told reporters in a virtual press conference.
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‘M&M actively looking for investor for SsangYong’
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Aim to sign term sheet next week: MD
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Aim to sign term sheet next week: MD
Mahindra & Mahindra (M&M) said on Friday it was actively scouting for an investor who could take majority stake in SsangYong Motor Co. of South Korea to keep it going. “We have two more months to conclude a deal with the investor for SsangYong. We are aiming to sign the term sheet next week,” Dr. Pawan Goenka, MD, M&M, said while addressing a press conference.
“Majority ownership will be with the new investor and Mahindra will hold 30% or less in SsangYong if the deal goes through, If not, SsangYong will go into court receivership,” he added.