Indian automobile giant Mahinda & Mahindra has structured a panel of personnel in order to speed up the acquisition process of Korean based automotive company SsangYong. M&M was in the process to get the approval from creditors, which it finally did and it is now planning to purchase 70 percent stake in SsangYong.
The panel has got a team of Mahinda & Mahindra officials led by company’s CFO, Dilip Sundaram which is expected to meet with Korean Management and Member of Labor union to work out on issues concerning the business and workers.The acquisition process will start with a meeting to look after and discuss the entire growth strategies and areas to work on. A communication programme will be led by a global consultant, which will last some 100 days.
Pawan Goenka, President-auto & farm equipment, M&M said “Now the things are being taken on priority, we want the acquisition process to end up soon. The integration process will soon start in the very first week of February, so we are now closely working with the Ssangyong management”
It will be interesting to see M&M coming with new and a higher class of SUVs, which has been the core segment for the company, that has also been dominating this particular segment in India for years.
