Tyre maker Dunlop's owner Pawan Kumar Ruia has submitted a bid to acquire South Korea's bankrupt SsangYong Motor, while Mahindra & Mahindra is also understood to have made a similar move.
Ssanyong has invested 700 billion won since its M&A (with Mahindra) and would put one trillion won ($920 million) in next three years.
Auto major Mahindra & Mahindra on Monday said it has entered into an agreement to acquire a majority stake in beleaguered South Korean vehicle maker SsangYong Motor Company. In a filing to the Bombay Stock Exchange, Mahindra & Mahindra said that it has "signed a memorandum of understanding with SsangYong Motor to acquire a majority stake in the South Korean SUV maker."
Mahindra & Mahindra said it will acquire 70 per cent stake in the ailing South Korean auto maker SsangYong Motor for $463 million (about Rs 2,105 crore), in order to become a global utility vehicle major. The companies have signed a definitive agreement to this effect and the acquisition process is expected to complete by March 2011, Mahindra & Mahindra (M&M) said in a statement.
Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy. The SYMC has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme which is a court designed process, it added.
Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out $463 million (about Rs 2,105 crore).
M&M is working on petrol engine while Tata is set to introduce petrol option in Bolt and Zest.
M&M will close down GenZe, an e-scooter business in California, because it is unlikely it would stand on its own feet, and is ahead of its time.
Mumbai-based utility vehicle and tractor maker Mahindra & Mahindra is interested in buying stakes in beleaguered South Korean sports utility vehicle manufacturer SsangYong Motor Company.
M&M, which owns a 75 per cent stake in SYMC, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes.
Sales have started picking up and the company has cut down losses. It's now looking to expand in other markets.
Mahindra & Mahindra on Wednesday said it will look at sharing vehicle platforms with that of South Korean company SsangYong Motor, the acquisition of which it expects to complete by December.
M&M's primary target is the Rs 21.7-lakh Toyota Fortuner, that has a 70-per cent market share in its category.
US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
Mahindra & Mahindra is in talks to buy a majority stake in Pininfarina.
Homegrown auto major Mahindra & Mahindra today said creditors and shareholders of SsangYong Motor Co (SMC) have given a final approval to a rehabilitation plan, thus paving way for its $ 463 million acquisition of 70 per cent stake in the ailing South Korean firm.
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Top firms will have enough firepower to go for foreign M&As, given their balance sheet growth, say bankers.
Mahindra & Mahindra gets the biggest impact of the Supreme Court's ban on sale of vehicles in Delhi with diesel engines bigger than 2,000cc.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
A record number of 85 products will be launched.
Apart from a pavilion of vintage cars, there will be a Bollywood corner
How the XUV300's suspension, plastics and interiors hold out in Indian conditions after a couple of years will be the litmus test for its success in the long term, but for now, this SUV delivers, says Pavan Lall.
Maruti is now at a market share of 50.4%, up from 47.3% last year. In China, the world's biggest market, Volkswagen is the largest, with a share of 17%. In America, the second biggest, GM is leader with 18%. One exception is South Korea, where Hyundai has a market share in excess of 60%.
No Indian auto brand (including Tata or Mahindra) is well-known globally.
On Reva, Mahindra says electric cars are an innovation that can disrupt the automobile sector.
Maruti Suzuki, Hyundai and M&M draw visitors with a range of concept cars.
The XUV300, Mahindra's second compact SUV, is so packed with segment-firsts that it is sure to send shockwaves among competitors.
Car makers are cautiously optimistic, even as two-wheeler firms are clearly upbeat.
The Sensex ended up 244 points at 28,504 on strong global cues.
Audi India launched the second generation 2016 Audi R8 at the show.
What does one do when one day, out of the blue, one is told to go on a road trip to the Everest Base Camp?
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