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M&M to raise stake in Ssangyong unit to 73 percent
February 14, 2013 / 9:37 AM / 5 years ago

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

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

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

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