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Mahindra Acquires Ssangyong Motors of South Korea

Mahindra & Mahindra, India's leading auto manufacturer is all set to acquire South Korean automobile company Ssangyong Motor Company Limited (SYMC).

M & M will have 70 per cent stake at a total cost of USD 463 million (Rs 2,105 crore). The agreement
was signed by Mr. Yooil Lee and Mr. Youngtae Park, Joint Receivers of SYMC and Dr. Pawan Goenka,
President, Automotive & Farm Equipment Sectors, M&M, in the presence of key staff and advisors to both
groups says a statement from the company in its website.

Mahindra will market the Ssangyong brand in global markets while preserving its Korean
heritage. It is intended that SYMC will continue to function as an independent entity with primarily a Korean
management. The acquisition will offer financial stability to the ailing SYMC.

As a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV), SsangYong
manufactures premium products in Korea. Founded in 1954, it has been manufacturing automobiles for more
than five decades.

Ssangyong has a strong domestic network of over 130 dealers and exports to over 90 countries through over
1,200 dealers.

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