Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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M&M to invest $900 million in Mahindra-Ssangyong

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A customer stands next to a Mahindra vehicle on display inside the company's showroom in Chandigarh November 26, 2012. REUTERS/Ajay Verma/Files

A customer stands next to a Mahindra vehicle on display inside the company's showroom in Chandigarh November 26, 2012.

Credit: Reuters/Ajay Verma/Files

NEW DELHI | Wed Jan 9, 2013 4:05pm IST

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)
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