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Mahindra clears the air about SsangYong with official statement

Media reports have been making rounds that state the plans Mahindra has for SsangYong. Since some reports can easily be misinterpreted, therefore Mahindra provided a statement to clarify. 

The Board of SsangYong approves a three year business plan which will lead to a profit for the company during the year 2022. The outside funding this plan requires is 400-500 million KRW (380 – 425 million dollars) over a span of three years. 50% of this funding will be used to repay existing loans while the other 50% will be used to augment the capez required for the development of the new product. The fund which are required will be generated via the following methods – new investments, further equity investment by Mahindra, and fresh bank loans.

However, no equity investment proposal has yet been presented to the Mahindra Board of Directors. A proposal is due to the Mahindra management and all decisions regarding approval will be taken following an extensive study of the presentation and its feasibility. 

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