Mahindra Says Deal To Sell SsangYong Motor To Edison Terminated


Mahindra has mentioned that the receiver of SsangYong cited Edison’s incapability to deposit the bid quantity for the termination of the deal.

SsangYong has been under court receivership since April 2021 in an attempt to rehabilitate it

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SsangYong has been below courtroom receivership since April 2021 in an try to rehabilitate it

Indian carmaker Mahindra & Mahindra mentioned on Thursday {that a} deal to promote its bankrupt unit, SsangYong Motor Co, to South Korean electrical carmaker Edison Motors Co were terminated. The receiver of SsangYong cited Edison’s incapability to deposit the bid quantity for the termination of the deal, Mahindra mentioned in an alternate submitting on Thursday.

Additionally Learn: Ssangyong’s Acquisition Deal With Edison Motors Falls Via: Record

Indian automaker Mahindra, which owned about 75% of SsangYong as of September finish, has been searching for a purchaser for all or maximum of its stake, which it purchased when the South Korean automaker was once on the point of chapter in 2010.

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Mahindra, which owned about 75% of SsangYong as of September finish, has been searching for a purchaser for all or maximum of its stake

SsangYong has been below courtroom receivership since final April in an try to rehabilitate the carmaker after Mahindra didn’t safe a purchaser.

In January this yr, SsangYong Motor had mentioned a consortium led by means of South Korean electrical carmaker Edison Motors Co had agreed to shop for it for 305 billion gained ($254.65 million).

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