Indian SUV manufacturer Mahindra & Mahindra (M&M) has announced its plans to jointly invest an amount of about Rs 4,927 crore with its Korean subsidiary SsangYong towards product development over a period of 4 years.
The joint investment is aimed at developing new car products in collaboration with SsangYong Motor Company, stated Mr. Pawan Goenka President Automotive and Farm Equipment Sectors M&M. The fresh investment being made by the two carmakers is in addition to the Rs 5,000 crore investment planned for a three year duration that ends in the year 2014.
Mr. Goenka commented about the finance sourcing of the company and stated that the investment will be a mix of fresh equity, debt and internal accruals. The Indian carmaker currently holds a 70 percent stake in the Korean auto manufacturer.
