M&M to raise stake in Ssangyong unit to 73 percent

Thu Feb 14, 2013 3:02pm IST

A worker cleans a Mahindra vehicle inside the company's showroom on the outskirts of Agartala, November 26, 2012. REUTERS/Jayanta Dey/Files

A worker cleans a Mahindra vehicle inside the company's showroom on the outskirts of Agartala, November 26, 2012.

Credit: Reuters/Jayanta Dey/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

BACK IN JAIL

REUTERS SHOWCASE

Modi Hurdle

Modi Hurdle

Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle.  Full Article 

USL Board

USL Board

Diageo bars United Breweries from appointing independent director at United Spirits.  Full Article 

Amazon in India

Amazon in India

Amazon to sell packaged food and beverages in India - Economic Times.  Full Article 

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Reuters India Mobile

Reuters India Mobile

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