Indian auto maker Mahindra and Mahindra is growing by leaps and bounds. It is testing new waters with acquisition of Reva Electric to foray into the electric car market apart from entering the passenger vehicle segment in two-wheelers. The company is not just looking at the domestic market and has recently acquired South Korean automaker Ssangyong, the takeover of which will be completed by March 2011. “There are a few issues, which need to be sorted out and negotiations are going on. We expect the deal to be sealed by early 2011,” said company official.
Mahindra and Mahindra will explore the US market after the acquisition of Ssangyong, said senior company official. "We have entered into an agreement with the ailing Ssangyong Motor in August to acquire a majority stake in the South Korean SUV-maker to expand our business in international markets. We are looking at entering the US market, once the (Ssangyong)deal is through," said a senior official from the Finance and Strategic Development Department of M&M, requesting anonymity.
The Ssangyong acquisition works towards M&M’s global strategy to become a market leader in the segment in the world market. The company will launch its premium SUV Mahindra Scorpio in the US seeking benefits from South Korean technology acquisition.
