Mahindra & Mahindra: SsangYong Dec quarter loss seen at Rs 198 cr
Currently, SYMC makes 7-8% of the M&M revenues. M&M had taken controlling stake in SYMC in March 2011 and is reportedly looking at raising its stake in SYMC to 72.85% with an investment of KRW 80 billion (R395 crore).
M&M is likely to subscribe to preferential shares issued by SYMC to facilitate product development and strengthen the South Korean company’s financials, suggested a report. The payment is expected to be made on May 22.
Pawan Goenka, president (automotive and farm equipment sectors), M&M, in an investor call had said that over the next three years, it will be launching three all new products. One of which is along with SYMC R&D. M&M said, “It hopes SYMC sales to be around 1,49,000 units in 2013.” In India, the Korean firm sells Rexton, a premium SUV.
SYMC had launched refreshed models such as the Korando C and Korando Sports last year and would unveil its Korando Turismo at the upcoming Geneva Motor Show in March 2013. It predicts yearly total sales of 20,000 vehicles of the Korando Turismo.