Mahindras to launch 'global SUV' next fiscal
Mahindra & Mahindra will launch its yet-to-be named 'global SUV' in the next fiscal, besides two Ssangyong models, Korando C and Rexton.autos Updated: Mar 17, 2011 21:10 IST
Mahindra & Mahindra will launch its yet-to-be named 'global SUV' in the next fiscal, besides two Ssangyong models, Korando C and Rexton.
This new SUV, codenamed 'W201' is now being showcased to the vendors of Mahindra.
The company will start assembling of Ssangyong models at its Chakan plant, said Pawan Goenka, president, automotive & farm equipment sectors, Mahindra & Mahindra (M&M).
Goenka has been appointed the chairman of Ssangyong Motor Company (SYMC).
Mahindra Finance, the group's vehicle finance arm, will look at setting up a joint venture in South Korea after analysing the regulatory framework there.
Goenka said "For Ssangyong, there won't be any necessity to raise debt since 80% of its debt has already been repaid by Mahindra".
On Tuesday, Mahindra, said its acquisition of SsangYong was concluded. "We have completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company and that the company is no longer under court receivership," said an M&M statement.
Mahindra last year agreed to buy money-losing Ssangyong for $464 million, giving it access to advanced technologies and a foothold in the southeast Asia.