Monday, May 23, 2022

Mahindra sold a car brand because of this, eyes will be tearful to hear the deal amount

New Delhi: South Korean automaker SsangYong has once again found a new owner. So far, Mahindra-owned Ssangyong’s deal has been done for 305 billion won i.e. about $ 255 million, which is about Rs 1,665 crore. SsangYong Motor had reached the court’s receivership after Mahindra could not find any buyer for a long time. There have been many times in the history of SsangYong Motor when the company has found itself in huge losses. In 2021, Mahindra had named the shares owned by it and then it seemed that the fortunes of this company were about to change.

Mahindra stopped investing money in this company in April 2020

But this did not happen, it remained a responsibility for Mahindra as well and in the end Mahindra decided to sell this company after suffering for a long time. In April 2020, Mahindra stopped investing money in this company and started looking for a new owner for the new Ssangyong. After this, by the end of 2020, Ssangyong Motor declared itself bankrupt with 100 billion Won debt.

Also read: This luxurious SUV launched with 9 airbags and hi-tech features, got a sporty look

A total of over 84,000 Ssangyong cars have been sold in 2021

The last few years were like a nightmare for Ssangyong and the Kovid-19 epidemic has come in front of the company as a phantom in this dream. Reuters quoted the company’s regulatory filing as saying that a total of more than 84,000 Ssangyong cars were sold in 2021. This figure shows a decline of 21 percent compared to 2020. Between January and September 2021, the company’s operating loss was 238 billion won, which has been paid for by 1.8 trillion won.

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Source: https://zeenews.india.com/hindi/auto-news/mahindra-finally-sold-ssangyong-motor-for-255-million-dollars/1067419

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