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Mahindra & Mahindra rolls back plan to invest Rs 3,000 cr in Ssang Yong Motors

Monday, 06 Apr 2020
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Mahindra & Mahindra has rolled back plans to infuse fresh funding into SsangYong Motor Company (SYMC).

In February 2020, M&M had announced a fund infusion of Rs 2,700 crore to Rs 3,000 crore to bring its South Korean subsidiary SsangYong Motor Company back to profitability by 2022.

The request for fresh funding had come from the management and labour union of SsangYong Motor Company for fresh injection of equity from M&M to help the company fund KRW 500 billion (USD 406 million) of requirements over the next three years.

Moreover, M&M will make every effort to continue to support all other non-fund initiatives that are currently in place to help SYMC reduce capex, save costs and secure funds. This includes capex-free access to M&M's new platforms such as W601, support technology programmes which will help reduce SYMC’s capex, support the material cost reduction programme that is currently underway, support SYMC management to find new investors.

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