 "Mahindra")
Mahindra & Mahindra plans to give up control of struggling South Korean unit SsangYong Motor, the Indian automaker's managing director said on Friday, as it looks to exit loss-making ventures amid the coronavirus pandemic.
"SsangYong needs a new investor. We are working with the company to see if we can secure investment," Pawan Goenka told reporters.
Mahindra earlier reported a consolidated net loss of Rs 19.55 billion ($258 million), compared with a net profit a year ago, as it booked a writedown on its investment in SsangYong and other international units.
Mahindra, which owns a 75 per cent stake in
