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Indian company Mahindra & Mahindra will buy 70% stake in SsangYong

Indian company Mahindra & Mahindra will buy 70% stake in SsangYong
The deal is valued at 377 million dollars, informs agency Bloomberg.

Chinese concern SAIC, current owner of SsangYong, announced the sale of a Korean company in early 2010 in two years SsangYong results were negative and the company occupies only 2% market share in Korea. The total indebtedness of SsangYong at the end of last year was 640 million dollars.


In June it became known list of candidates to buy SsangYong, between them were Mahindra and Nissan.

Indians have developed a program to enter the Korean company of the crisis and returning it to profit.

According to the program over the next 3-4 years SsangYong will launch three new production models.

For its part, India's M&M, works primarily SUV models, hopes to be ready technologies and engines of the Korean company, as well as access to its dealer network worldwide.
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