M&M to invest $900 million in Mahindra-Ssangyong
NEW DELHI (Reuters) - Mahindra & Mahindra(MAHM.NS) will invest $900 million over the next four years in products to be developed jointly with its South Korean unit Ssangyong Motor Co Ltd (003620.KS), Mahindra's automotive president said on Wednesday.
The investment is separate from Mahindra's planned spend of 50 billion rupees on its own products over three years ending in 2014, said Pawan Goenka, who is also chairman of luxury SUV manufacturer Ssangyong.
Mahindra, India's biggest utility vehicle manufacturer, also builds tractors, trucks and motorcycles, and bought a majority stake in the South Korean company in 2011 for $460 million.
(Reporting by Devidutta Tripathy; Editing by Daniel Magnowski)
- Tweet this
- Share this
- Digg this
- UPDATE 3-Pizza chain Sbarro files for bankruptcy protection
- Rupee hits 7-month high as custodian banks sell dollars
- U.S. top court declines to hear 'I (heart sign) boobies' case
- Ten countries scour sea for Malaysia jet lost in "unprecedented mystery"
- UPDATE 3-China steel futures hit record lows, spot iron plunges
The BSE Sensex ended up slightly on Monday after rising to a record high for a third consecutive session as strong foreign buying continued to boost domestic-focused shares such as those of HDFC Bank, but momentum waned as exporters slumped on a stronger currency. Full Article