Mumbai, Aug. 23: Mahindra & Mahindra Ltd (M&M) has signed a memorandum of understanding (MoU) to acquire a majority stake in troubled South Korean automobile maker SsangYong Motor Company.
SsangYong had picked the $7.1-billion Anand Mahindra-controlled M&M as the preferred bidder on August 12.
M&M president (automobile and farm sector) Pawan Goenka said, “We are committed to leveraging SsangYong’s strong competencies in R&D and technology by investing in a new SsangYong product portfolio which will help us to gain momentum in global markets.”
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