Chennai: More than a year after Mahindra (M & M) classify Ssangyong as ‘stopped operations’, the sick South Korean company has signed a buyer.
However, sales will not get an Indian company ‘every consideration’.
According to the stock market notices by M & M, which accommodated 75% in Ssangyong, a consortium led by South Korean electric busmaker Edison Motors has agreed to obtain Ssangyong driven by a debt for Rs 1,882 Crore through major equity investments.
“We are happy to hear that the Edison Motors consortium has officially agreed to acquire Ssangyong Motor Company and that the acquisition will develop to the next stage, within the specified time frame,” said M & M spokesman.
“We will work with new investors to activate transition.” The Edison LED consortium has requested 95% of the shares in Ssangyong and the investment agreement run on January 10, 2022.
After the capital restructuring “was carried out as part of the rehabilitation process,” M & M “Holding in Symc will decrease”.