ID :
137698
Sun, 08/15/2010 - 10:19
Auther :

Veep of Indian carmaker Mahindra to visit Korea for Ssangyong


SEOUL, Aug. 15 (Yonhap) -- The vice chairman of India's top utility vehicle maker
Mahindra & Mahindra Ltd., which was named as the main bidder for Ssangyong Motor
Co., will travel to South Korea this week, the Indian company said Sunday.
Anand Mahindra plans to meet with the management and creditors of the South
Korea's smallest automaker, senior government officials and local reporters
during his visit, Mahindra & Mahindra said in a statement.
Ssangyong Motor selected the Indian company Thursday as the prime bidder for its
majority stake.
Mahindra & Mahindra is expected to sign a preliminary deal with Ssangyong to buy
the stake on August 26, after putting down a deposit worth 26 billion won
(US$21.9 million) to fulfill its bid, which represents 5 percent of the bidding
price.
The Indian company is then expected to study Ssangyong Motor's books in September
and finalize the deal in November.
Ssangyong has been put under court receivership since February 2009, after its
former Chinese parent Shanghai Automotive Industry Corp. abandoned it in the
aftermath of the 2008 global financial crisis.
ksnam@yna.co.kr
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