Mahindra completes Ssangyong deal as scheduled

As scheduled, Mahindra & Mahindra has completed its acquisition of a majority stake in SsangYong Motor Company, and now owns a 70% share in the Korean automaker.

The deal, which has seen Mahindra forking out US$463 million for the purchase, will see Ssangyong investing heavily this coming year on product development and brand building, now that cash is flowing in. Around 240 billion (US$211.8 million) Korean Won has been projected for expenditure, with 200 billion set for product development and 40 billion for brand builidng.

Mahindra says that no decision has been taken yet on whether there would be any changes involving renaming Ssangyong or with the branding of its products. Plans to launch the Rexton and Korando-C in India have already begun – the two vehicles are expected be introduced there by the end of this year.