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

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

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

Related Topics

Stocks

   

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)

FILED UNDER:

Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage