Mahindra In Talks With An Investor For Majority Stake In Ssangyong; Hopes To Close Deal In February
Mahindra In Talks With An Investor For Majority Stake In Ssangyong; Hopes To Close Deal In February
The company is looking to sign the term sheet in the coming week after which further talks will see the company selling its majority stake to the investor.
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HAAH is expected to invest about 550 billion won in SsangYong
Mahindra has been looking for investors to take up majority stake in Korean UV maker Ssangyong. Mahindra, currently holds a 74.65 per cent stake in SsangYong which it invested in 2010. It was earlier reported that HAAH Automotive Holdings Inc was looking to buy majority stake in SsangYong but Mahindra has not confirmed this development yet. When asked about it Dr. Pawan Goenka, Managing Director, Mahindra said, We are in serious talks with an investor. I cannot divulge the name yet because of certain clauses, but we hope to close the deal by February
SsangYong Motor files for court receivership econotimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econotimes.com Daily Mail and Mail on Sunday newspapers.
SsangYong Motor Owes Hefty Overdue Debt as it Files for Court Receivership
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SsangYong Motor’s plant in Pyeongtaek, about 70 kilometers south of Seoul. (Yonhap)
SEOUL, Dec. 22 (Korea Bizwire) Debt-ridden SsangYong Motor Co. said Tuesday it owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions as it filed for court receivership a day earlier.
As of Tuesday, SsangYong Motor has overdue debts of 100 billion won owed to foreign lenders like JP Morgan and 215 billion won to domestic lenders, such as Woori Bank and the state-run Korea Development Bank (KDB), the company said in a statement.
Debt-laden SsangYong Motor Files for Court Receivership
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This photo taken April 5, 2020, shows SsangYong Motor’s plant in Pyeongtaek, just west of Seoul. (Yonhap)
SEOUL, Dec. 21 (Korea Bizwire) Financially-troubled SsangYong Motor Co. said Monday it has filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic.
The decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay 60 billion won (US$54.8 million) worth of debts to its foreign creditor banks last week.
SsangYong asked the creditors to roll over the loans but failed to obtain approval from the lenders, the company said in a statement. The carmaker also failed to pay 90 billion won due on Monday to its main creditor, Korea Development Bank (KDB).