Pawan Goenka, president of Mahindra's automotive and farm sector, said the merger would help both companies expand in the global market.
"We believe that Ssangyong and Mahindra make powerful companies to create a global SUV brand," he told reporters after the Indian company signed a preliminary agreement to buy a controlling stake in Ssangyong.
Ssangyong, South Korea's smallest carmaker, is mainly a manufacturer of low-priced but robust SUVs such as "Rexton," "Kyron" and "Actyon" that sell globally. It also makes sedans.
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