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Mahindra's Ssangyong misses loan repayment of Rs 480 cr to JP Morgan

M&M, which owns a 75 per cent stake in SYMC, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes

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The South Korea-listed firm that has been battered by the Covid-19 pandemic, has outstanding loans aggregating 100 billion KRW (approximately Rs 680 crore).

Shally Seth Mohile Mumbai

3 min read Last Updated : Dec 16 2020 | 12:47 AM IST

Ssangyong Motor Co (SYMC), the South Korean subsidiary of Mahindra & Mahindra (M&M), has missed a repayment of Rs 480 crore (60 billion Korean Won or KRW) to JPMorgan Chase Bank, South Korea, which was due on December 14, M&M said in a stock exchange notification on Tuesday. The company also added that it would act as a creditor to SYMC.

The South Korea-listed firm has been battered by the pandemic, with outstanding loans aggregating 100 billion KRW (approximately Rs 680 crore). Besides JPMorgan, the loan also includes 10 billion KRW (approximately Rs 68 crore) from BNP Paribas and 30 billion

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