Monday, 28 November 2011

Mahindra Group looking at more acquisition in South Korea




Indian Automobile major Mahindra & Mahindra which was in news recently for the acquisition of Ssangyong in South Korea is now willing for more acquisitions in South Korea in Automotive space.

The reports quoted vice-chairman and managing director Anand Mahindra as saying "Yes, (if) there is an opportunity to further explore investments, more acquisition opportunities in Korea, particularly in implements, farm equipments, and technology, yes we will definitely look at. Currently, we are sourcing tractors from Tongyang of Korea and Mitsubishi of Japan and selling them in the US markets under the M&M band. I would like to deepen this relationship, by increasing the volume intake."

According to the reports, the Mahindras had completed in March the acquisition of the sick Ssangyong Motor Co for about Rs 2,105 crore, making its first foray into Far Eastern country. For M&M, which had lost the bid to buy JLR in 2008 to the Tatas, the SsangYong buyout was a big step towards realising its ambition to be a global player in the utility and sports utility vehicles segment.

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