Mahindra & Mahindra, the leading utility vehicle maker in the Indian market, announced on Friday that it will roll-out two new sports utility vehicles (SUVs) from the portfolio of its recently acquired Ssangyong Motor Company Limited (SYMC). The SUVs that will be launched include Ssangyong’s popular utility vehicles Kornado and Rexton.
According to a statement given by M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka, Mahindra will be launching two SUV's of Ssangyong-Kornado and Rexton-in Indian market by the end of next year.
According to the company, it has signed definitive agreement with SYMC for acquiring 70 per cent stake in the bankrupted South Korean firm for about Rs 2105 crore. The deal is yet to be approved by the creditors. It has added that the money that the company will be paying by January-end will be used to pay-off the creditors. The closing of acquisition will be taking place by the end of this financial year. The acquisition of Ssangyong will enable the company to enhance its global footprints. In addition to this, the launch of new SUVs in the Indian market (from the platform of Ssangyong) will further strengthen its utility vehicle portfolio in the country.
Earlier this year, Mahindra was selected as the preferred bidder by the board of this ailing Korean automaker Ssangyong that has been a premier manufacturer of recreational vehicles (RV) and SUVs.
In November 2010, the company has posted a sales growth of 18 percent in the domestic market. The company sold 25166 units of its vehicles in the domestic market during this month as compared to 21387 units sold in the same month last year. The company currently sells some of the most popular utility vehicles in the country including SUVs like Mahindra Scorpio and Bolero, and MUV (multi utility vehicle) Mahindra Xylo.
