M&M to launch Kornado, Rexton SUVs in India

Mahindra & Mahindra (M&M) today said it will launch two -- and -- from its Motor Company (SYMC) portfolio by next year.

"We will be launching two SUV's of Ssangyong --Kornado and Rexton -- in Indian market by next year end," M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka said.

The company recently announced that it has signed a definitive agreement with SYMC to acquire 70 per cent stake in the ailing South Korean auto maker for $463 million (about Rs 2,105 crore).

"The next step will be for the creditors to approve this deal," Goenka said, adding the money that the company will be paying by January-end will be used to pay-off the creditors.

Then, there would be about two months of processing time before way is paved for the final deal, he said.

"We are confident of the deal to get over in March," Goenka told PTI.

Sangyong Motors is a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV).

Rexton is a sport utility vehicle based on the Mercedes-Benz, M-Class, initially released in Korea by SsangYong Motor Company in 2001.

As part of revised line up of SsangYong, fourth generation Kornado, codenamed as C 200 was the first one to be launched late this year. It is said to be smaller in size than its rivals overseas like Hyundai ix 35 and Kia Sportage.

If Mahindra brings in Rexton and Kornado to India, then Toyota Frontrunner, GM's Captiva, Ford Endeavour, Nissan X-Trail, Honda-CR-V, and newly launched Skoda Yeti will get a new rival in the premium SUV segment, industry sources said.

image
Business Standard
177 22
Business Standard

M&M to launch Kornado, Rexton SUVs in India

Press Trust of India  |  Ahmedabad 



Mahindra & Mahindra (M&M) today said it will launch two -- and -- from its Motor Company (SYMC) portfolio by next year.

"We will be launching two SUV's of Ssangyong --Kornado and Rexton -- in Indian market by next year end," M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka said.

The company recently announced that it has signed a definitive agreement with SYMC to acquire 70 per cent stake in the ailing South Korean auto maker for $463 million (about Rs 2,105 crore).

"The next step will be for the creditors to approve this deal," Goenka said, adding the money that the company will be paying by January-end will be used to pay-off the creditors.

Then, there would be about two months of processing time before way is paved for the final deal, he said.

"We are confident of the deal to get over in March," Goenka told PTI.

Sangyong Motors is a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV).

Rexton is a sport utility vehicle based on the Mercedes-Benz, M-Class, initially released in Korea by SsangYong Motor Company in 2001.

As part of revised line up of SsangYong, fourth generation Kornado, codenamed as C 200 was the first one to be launched late this year. It is said to be smaller in size than its rivals overseas like Hyundai ix 35 and Kia Sportage.

If Mahindra brings in Rexton and Kornado to India, then Toyota Frontrunner, GM's Captiva, Ford Endeavour, Nissan X-Trail, Honda-CR-V, and newly launched Skoda Yeti will get a new rival in the premium SUV segment, industry sources said.

RECOMMENDED FOR YOU

M&M to launch Kornado, Rexton SUVs in India

Auto major Mahindra & Mahindra (M&M) today said it will launch two SUV models -- Kornado and Rexton -- from its Ssangyong Motor Company (SYMC) portfolio by next year.

Mahindra & Mahindra (M&M) today said it will launch two -- and -- from its Motor Company (SYMC) portfolio by next year.

"We will be launching two SUV's of Ssangyong --Kornado and Rexton -- in Indian market by next year end," M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka said.

The company recently announced that it has signed a definitive agreement with SYMC to acquire 70 per cent stake in the ailing South Korean auto maker for $463 million (about Rs 2,105 crore).

"The next step will be for the creditors to approve this deal," Goenka said, adding the money that the company will be paying by January-end will be used to pay-off the creditors.

Then, there would be about two months of processing time before way is paved for the final deal, he said.

"We are confident of the deal to get over in March," Goenka told PTI.

Sangyong Motors is a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV).

Rexton is a sport utility vehicle based on the Mercedes-Benz, M-Class, initially released in Korea by SsangYong Motor Company in 2001.

As part of revised line up of SsangYong, fourth generation Kornado, codenamed as C 200 was the first one to be launched late this year. It is said to be smaller in size than its rivals overseas like Hyundai ix 35 and Kia Sportage.

If Mahindra brings in Rexton and Kornado to India, then Toyota Frontrunner, GM's Captiva, Ford Endeavour, Nissan X-Trail, Honda-CR-V, and newly launched Skoda Yeti will get a new rival in the premium SUV segment, industry sources said.

image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard