The Ssangyong Motor Company acquisition has finally been completed by Mahindra and Mahindra. This is after days of speculation as to when the Korean government was creating a bit of hindrance since they didn’t want the company ownership to go outside of Korea. Well, now all is well and Mahindra have finally inked the deal and no longer would Ssangyong receive court receivership from the Government. Mr Pawan Goenka, President of Mahindra & Mahindra as also that of SIAM said that this occasion calls for some rejoicing as Mahindra and Mahindra have spent months and months toiling after this deal and moreover were in a hurry to close it as precious resources were getting wasted behind this deal. He also said that he would like to thank all the creditors as also employees of Ssangyong for their co-operation during this deal.
Currently Mahindra and Mahindra don’t have any plan of putting their badge over Ssangyong. The Korean management has been retained and all the products would sport the Korean tag as well. Mr Dilip Sundaram is the Chief Financial Officer for Ssangyong whereas Yoo-il Lee is the CEO of the company. The first Ssangyong vehicle to hit the Indian shores would be the Korando SUV. However it would be by the end of this year.
