Report Wire - Mahindra-owned SsangYong Motor offered for $255 million to Edison Motors-led consortium

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Mahindra-owned SsangYong Motor offered for $255 million to Edison Motors-led consortium

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Mahindra-owned SsangYong Motor sold for $255 million to Edison Motors-led consortium

A consortium led by South Korean electrical carmaker Edison Motors Co has agreed to accumulate debt-ridden SsangYong Motor Co Ltd for 305 billion gained ($254.65 million), SsangYong Motor stated on Monday.
SsangYong is burdened with excessive debt and its car gross sales final yr fell to 84,496, down about 21% from a yr earlier, a regulatory submitting from the automaker confirmed.
The automaker reported a January-September 2021 working lack of 238 billion gained from income of 1.8 trillion gained.
SsangYong has been below court docket receivership since April in an try to rehabilitate the carmaker after majority proprietor Mahindra and Mahindra didn’t safe a purchaser.
Indian automaker Mahindra, which owned about 75% of SsangYong as on the finish of September, has been searching for a purchaser for all or most of its stake, which it purchased when the South Korean automaker was near-bankruptcy in 2010.
($1 = 1,197.7300 gained)