M&M to raise stake in Ssangyong unit to 73 percent
REUTERS - Mahindra & Mahindra (MAHM.NS) will raise its holding in Ssangyong Motor Co (003620.KS) to 72.85 percent in a 80 billion Korean won investment, the South Korean carmaker said in a statement on Thursday.
Mahindra, India's biggest sports utility vehicle manufacturer, will subscribe to preferential shares issued by Ssangyong to facilitate new product development and strengthen the South Korean company's financials.
The payment is expected to be made on May 22.
Mahindra, the flagship company of the $15.9 billion Mahindra Group, bought a controlling stake in the carmaker in March 2011.
(Reporting by Henry Foy in MUMBAI; Editing by G.Ram Mohan)
- Tweet this
- Share this
- Digg this
- UPDATE 3-Google misses revenue target, ad prices slide
- Hundreds of earthquakes strike central Idaho, rattling nerves
- Ocean floor search for missing Malaysia plane cut short again
- UPDATE 1-Bank of America's financial crisis costs become a recurring nightmare
- UPDATE 2-Leash on expenses helps AmEx counter muted user spending
Prime ministerial frontrunner Narendra Modi said he was committed to a policy of no first use of nuclear weapons, seeking to assuage concern after his Hindu nationalist BJP party vowed to revise the nuclear doctrine if elected to power. Full Article