Mahindra and Mahindra will complete acquisition of South Korean car manufacturer by March 2011. "Mahindra and Mahindra has been shortlisted as the preferred bidder for Ssangyong. This deal should go through in a couple of months," said Indian Ambassador, Skand R. Tayal.
Mahindra and Mahindra had entered into an agreement with the ailing Ssangyong Motor in August to acquire a majority stake in the South Korean sport utility vehicle maker and expand its business in international markets.
Ssangyong owns the brand Korando which is now expected in the Indian market by March 2011. It will initially introduce its brand new SUV, which is bigger than Hyundai Santa Fe, in next one year. It will be available with both 2WD and 4WD. It is also planning a baby SUV that will be similar to Nissan Juke.
