Mahindra Seeks buyer for Ssangyong

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Facing Losses due to falling sales in its home market, as well as impairment writedowns, India’s Mahindra and Mahindra is now seeking a buyer for its struggling South Korean subsidiary SsangYong.

The information was revealed by Pawan Goenka, managing director of Mahindra, during a financial results presentation in New Delhi last week.

“SsangYong needs a new investor,” he said. “We are working with the company to see if we can secure investment.”

Mahindra acquired a 75% stake in SsangYong in 2010 after the SUV and light-duty truck brand ran into financial troubles at the hands of previous owners Daewoo and SAIC. Mahindra managed to briefly make SsangYong profitable six years later, and as recently as early 2020 planned to invest $406 million into the brand over a three-year period.



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