The final formalities of Mahindra group’s acquisition of the Korean SUV maker Ssangyong is likely to be completed in a few days, according to a top Ssangyong official.
“All formalities will be completed in early March,” Jae-Wan Lee, senior vice president and COO told Hindustan Times on the sidelines of the unveiling of the pick-up SUT1 at the Geneva Motor Show.
With Mahindra paying the full amount of $468.4 million (about R2,200 crore) last month, it is a matter of time for the court-administered Korean SUV maker to formally become part of the Mahindra stable.
“Ssangyong Motors is standing on a stronger platform as we have moved through the rehabilitation process faster than expected and are working towards the successful completion of the acquisition process with Mahindra & Mahindra,” said Yoo Il Lee, CEO, Ssangyong.
The COO said that two Ssangyong SUVs, Korando and Rexton, are likely to be launched in India in the latter half of 2011. The company showcased green versions of these in Geneva.
“Our target is to sell 1,20,00 units this year. We have a capacity to make 2,50,000 units,” he said. The company’s performance was boosted by improved sales in Russia and South America, and Lee said the company expects 55% of its sales to come from overseas this year.
Mahindra is likely to retain the identity and top management of Ssangyong.
(The writer’s trip to Geneva was sponsored by Tata Motors)