India’s Mahindra & Mahindra has purchased Korean brand SsangYong following a $US463 million deal signed in Korea and expected to conclude in March next year.
Implications for the local subsidiaries are unclear. SsangYong vehicles in Australia are distributed by Syme Derby Holdings, while local rights for Mahinda are owned by the Tynan Motor Group.
The deal is a win-win for both parties – SsangYong has been in receivership, but brings to the table a 130 dealer network in Korea and 1,200 dealers globally in 90 countries. Clearly there are product synergies between both brands and Mahindra plans to introduce more SsangYong products in its home market of India.
Mahindra says SsangYong will continue to operate independently, but the purchase has certainly provided job security and funding for future new products.
