EV company Edison to buy M&M’s Ssangyong

CHENNAI: Over a year after Mahindra (M&M) classified Ssangyong as ‘discontinued operations’, the ailing South Korean company has signed up a buyer. However, the sale will not earn the Indian company ‘any consideration’. According to a stock market notification by M&M, which holds 75% in Ssangyong, a consortium led by South Korean electric busmaker Edison Motors has agreed to acquire the debt-ridden Ssangyong for Rs 1,882 crore through a primary equity investment. “We are happy to hear that Edison Motors consortium has formally agreed to acquire Ssangyong Motor Company and that the acquisition will progress to the next stage, in a defined time frame,” said an M&M spokesperson.
“We will cooperate with the new investor in enabling the transition.”