Mahindra to sell S. Korean SUVs in India, Africa

India's Mahindra & Mahindra will sell Ssangyong Motor vehicles in markets including India and Africa in a bid to revitalise the troubled South Korean firm it bought last year, executives said Thursday.

Two sport utility vehicles, the Korando and Rexton, will be introduced to the Indian market, Mahindra Group managing director Anand Mahindra told a press conference at the Seoul Motor Show.

"Right now the (Indian) market is a very, very high-potential market for products of the kinds Ssangyong makes... people are ready to spend more for more sophisticated products," Mahindra said.

He said Mahindra, the largest SUV producer in India, also plans to use its sales network in Africa where it sold 9,500 cars last year to market Ssangyong's SUVs in "the next frontier of automobile growth".

"SUVs are perfectly suited for the terrain of Africa... the joint team of Ssangyong and Mahindra will make a strong impact," said Mahindra.

Ssangyong this month exited court-led bankruptcy protection in force since 2009, after Mahindra completed the takeover of a 70 percent stake for 522.5 billion won ($476.7 million).

The largest SUV producer in South Korea ran into trouble in 2008 as a slump in sales of SUVs dried up its cash reserves, leading to job cuts that sparked a violent strike that lasted for months.

Ssangyong said this month it would invest more than 240 billion won this year to develop new vehicles and build its brand with the new owner's backing.

The Pyeongtaek-based firm and Mahindra are working together to roll out electric cars within the next two years, company chief executive Lee Yoo-Il said.

The Indian conglomerate also plans to open a South Korean unit of its auto financing firm to help Ssangyong with the selling of their vehicles, said Ssangyong chairman Pawan Goenka.

Mahindra said his group is behind Ssangyong for the long term.

"We are proud investors of Ssangyong and we believe very firmly in Ssangyong's future," he said, when asked if his group was considering cutting its stake in the near future.

"We are committed therefore to the turnaround of the company's fortunes. This is going to be a long journey in which we intend to be long-term players."



Floyd Mayweather will relinquish his five world titles after beating Manny Pacquiao
Arts and Entertainment
tvGame of Thrones season 5 ep 4, review - WARNING: contains major spoiliers!
Tottenham legend Jimmy Greaves has defended fans use of the word 'Yid'
Life and Style
Arts and Entertainment
The Ridiculous Six has been produced by Adam Sandler, who also stars in it
filmNew controversy after nine Native American actors walked off set
Life and Style
Google celebrates Bartolomeo Cristofori's 360th birthday
techGoogle Doodle to the rescue
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs General

    Recruitment Genius: Senior Digital Marketing Consultant

    £28000 - £45000 per annum: Recruitment Genius: A Senior Digital Marketing Cons...

    Recruitment Genius: Assistant Stores Keeper

    £16640 - £18500 per annum: Recruitment Genius: An Assistant Stores Keeper is r...

    Recruitment Genius: Claims Administrator

    £16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

    Recruitment Genius: Software Developer - C# / ASP.NET / SQL

    £17000 - £30000 per annum: Recruitment Genius: Developer required to join a bu...

    Day In a Page

    Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

    Fishing is on Nigel Farage's mind

    Ukip leader casts a line to the disaffected
    Who is bombing whom in the Middle East? It's amazing they don't all hit each other

    Who is bombing whom in the Middle East?

    Robert Fisk untangles the countries and factions
    China's influence on fashion: At the top of the game both creatively and commercially

    China's influence on fashion

    At the top of the game both creatively and commercially
    Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

    The man known as GOD has a reputation for getting the job done

    Lord O'Donnell's three principles of rule
    Rainbow shades: It's all bright on the night

    Rainbow shades

    It's all bright on the night
    'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

    Bread from heaven

    Dutch survivors thank RAF for World War II drop that saved millions
    Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

    How 'the Axe' helped Labour

    UK will be 'run for the wealthy and powerful' if Tories retain power
    Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

    The price to be paid for challenging the rule of extremists

    A revolution now 'consuming its own children'
    Welcome to the world of Megagames

    Welcome to the world of Megagames

    300 players take part in Watch the Skies! board game in London
    'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

    Charlotte Gainsbourg on 'Nymphomaniac'

    Starring in one of the most explicit films ever
    Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

    Robert Fisk in Abu Dhabi

    The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
    Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

    Vince Cable exclusive interview

    Charging fees for employment tribunals was 'a very bad move'
    Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

    Iwan Rheon is returning to his Welsh roots

    Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
    Russell Brand's interview with Ed Miliband has got everyone talking about The Trews

    Everyone is talking about The Trews

    Russell Brand's 'true news' videos attract millions of viewers. But today's 'Milibrand' interview introduced his resolutely amateurish style to a whole new crowd
    Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

    It's time for my close-up

    Meet the man who films great whites for a living