M&M lines up $425 mn to revive Ssangyong, draws up 3-year turnaround plan

For Ssangyong Motor, life has come full circle. Almost a decade after Mahindra and Mahindra (M&M) wrested control of the then ailing Korean automaker, the Anand Mahindra-led firm has chalked out a three-year turnaround plan, amid dwindling sales in the domestic and overseas markets and mounting losses. 

Mahindra acquired 70 per cent stake in Ssangyong (in March 2011), which had a troubled past and militant trade unions.

As part of the latest plan, Mahindra will pump in 450-500 billion Korean won ($380 million-$425 million) to revive the company that has been hit hard by a rapid shift in buyer preference