Mahindra to buy 70% of Ssangyong

Mahindra to purchase 70% of Ssanyong

The Indian automaker Mahindra is going to pay the equivalent of US $378 million to control Ssangyong. But purchasing 70% stake in the Korean manufacturer has yet to be approved by the creditors of the company. With this acquisition, the largest Indian manufacturer of utility plans to expand its business into other markets and increase its product line. If it approves the deal should be accomplished next March 2011.