M&M to sign final agreement with SsangYong by Dec-Jan

Mahindra & Mahindra stated that the due diligence on Ssangyong Motor Company, the South Korean SUV maker, is now almost over and the formalities for drafting an agreement will begin by the end of this month. Mahindra & Mahindra President-Automotive and Farm Equipment, Pawan Goenka, commented that they will be finishing its due diligence soon and then will hold discussion with the management of SsangYong. M&M also hopes to draft its acquisition plan by the end of the present month. Goenka also added that they expect to sign the final agreement by December-January.

Published On Oct 11, 2010 17:06 IST

Published OnOct 11, 2010 17:06 IST

Last Updated OnOct 11, 2010 17:06 IST

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Mahindra & Mahindra is in talks with the management of SsangYong for the types of products to launch in India. An official from M&M said that these discussions are yet at arms length. The company is also considering the launch of several SsangYong products in the United States but no particular dates have yet been decided for the same. According to Pawan Goenka, Ssangyong’s first-and-second-quarter financial results have crossed the expectations of the company. Goenka also added that the company is delighted on the sales of its Logan sedan this month. He further added that the company expects this sales to be better in October.

Sometime ago, the auto major had said that its online community on Facebook, the famous social networking website, has got four 4-lakh fans. The SUV Mahindra Scorpio has been able to get a fan-following of about 1.5-lakh people till now. This huge fan following which Mahindra & Mahindra is receiving is the result of some of its famous brands which include the Mahindra Scorpio, Mahindra Xylo, Logan and of course, Mahindra Bolero. The unique features properties of these models have attracted many customers. M&M Senior Vice-President, Marketing, Vivek Nayer, commented that with four lakh digitally-savvy people supporting the company’s brands on Facebook, this is really something that the company is proud of. It proves M&M’s continuous focus to innovate in order to drive customer engagement and buzz around the various brands of the company, resulting in this massive fan following.

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