Friday, August 19, 2022
Indian Drives
No Result
View All Result
No Result
View All Result
Indian Drives
No Result
View All Result
Home Latest News

M&M to retain top management at Ssangyong

by indiandrives
in Latest News
0 0
0

The takeover of ailing South Korean auto maker Ssanyong by India’s blue eyed boy Mahindra and Mahindra in a $465 million deal has entered in to its penultimate phase with a majority of the biggest creditors accepting a little trim. The trim is referred to a small percentage that is deducted from the value at par of assets used as collateral. The size of the trim generally showcases the risk perceived which is associated with holding big assets.

Early February is the tentative time frame given by a top Mahindra and Mahindra official to complete the final process. The formalities will then take an additional couple of months. The major announcement amidst this, Mahindra and Mahindra has announced that it intends to retain a large chunk of the top management which will be hereby 70% owned by the Indian tractor and utility maker. Ssangyong is also listed on the Korean stock market and there are no speculations about its delisting.

Mahindra and Mahindra in its initial stages after taking over the reigns will allow the Korean unit to operate as an independent entity which will only be helped by the parent company in the case of fund rising and product development.

Pawan Goenka, Mahindra and Mahindra’s president of the farm equipment and automotive division, in an interview with the daily Times of India, was quoted as saying, that the company is expected to wind up this entire process as soon as early February with an additional 2 months needed to finish off the remaining formalities.

Tags: M&M SsangyongM&M Ssangyong deal
Previous Post

New Honda Civic - Get a little sunshine this season

Next Post

Audi A4 in India Test drive

Next Post

Audi A4 in India Test drive

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Archives

Recent Posts

  • 5th Generation Honda City Variants Explained: Everything You Need to Know
  • 2022 Mahindra Scorpio-N Launched | Price | Variants | Features |
  • How does Hill-Assist Control work? | Hill-Assist Explained |
  • What is ESP? | Electronic Stability Program Explained | ESC | ESP |
  • 2022 Renault Kiger Genuine Accessories | Chrome | Seat Covers | Wireless Charger

Categories

No Result
View All Result

Archives

Categories

Indiandrives.com

© 2021-2022 Indian Drives

Navigate Site

  • Auto Expo 2020
  • Aston Martin
  • Audi
  • Bentley
  • BMW
  • Buyers Guide
  • Car Comparison
  • Chevrolet
  • Driving Tips
  • Events
  • Featured
  • Ferrari
  • Fiat
  • Force
  • Ford
  • Great Wall Motors
  • Harley Davidson
  • Honda
  • Hyundai
  • Isuzu
  • Jaguar
  • Kia
  • Koenigsegg
  • KTM
  • Lamborghini
  • Latest Cars
  • Latest News
  • Lexus
  • Mahindra
  • Maruti Suzuki
  • Maserati
  • Mercedes Benz
  • MG Motor
  • Mitsubishi
  • New Car Reviews
  • Nissan
  • Peugeot
  • Porsche
  • Range Rover
  • Renault
  • Rolls Royce
  • Skoda
  • Tata
  • Test Drive
  • Auto Expo 2020
  • Toyota
  • Kia
  • Upcoming Cars
  • MG Motor
  • Used Car Reviews
  • Volkswagen
  • KTM
  • Volvo
  • Isuzu
  • Harley Davidson
  • MG
  • Great Wall Motors

Follow Us

No Result
View All Result

© 2021-2022 Indian Drives

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In