In talks to promote majority stake in SsangYong, says M&M

New Delhi, January 1

Mahindra & Mahindra (M&M) on Friday said it is in discussions with a potential investor to sell its majority stake in South Korean arm SsangYong Motor Company (SYMC) which has already filed for bankruptcy, and expects to sign a non-binding agreement next week.

The Mumbai-based auto major, which currently holds nearly 75% in the Korean firm, expects to finalise the deal by February-end.

“We are in discussion with a potential investor for majority stake in SsangYong. We hope to conclude the term sheet with the investor sometime next week,” M&M MD Pawan Goenka told reporters in a virtual press conference.

On December 21, the homegrown automaker had announced that SYMC has filed for bankruptcy. — PTI

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