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)
Trending On Reuters
Three people were pulled alive from the rubble of their home eight days after Nepal's devastating earthquake, as a supply logjam threatened to hamper disaster relief efforts bolstered by the arrival of U.S. aircraft and troops. Full Article | Slideshow
- Video: Nepalese leave Kathmandu and return to villages
- Monsoons could bring disease, a second crisis, to Nepal - UNICEF
- Insight - Soul-searching over quake ends Everest climbing season
- Video: Relief goods for Nepal quake victims held up, remote areas awaiting aid
- Video: U.S. ready to provide more support to Nepal, says Kerry
Free medical for in-laws helps Indian tech start-ups woo talent back from America Full Article