Deals
Ssangyong, Rodovid Bank, Pfleiderer, Powerfuel Bid: Bankruptcy
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Ssangyong Motor Co. plans to spend more than 240 billion won ($211 million) on product development and brand building this year after Mahindra & Mahindra Ltd., India’s biggest sport-utility-vehicle maker, took control.
Mahindra will work with Ssangyong to help the South Korean automaker raise the funds, Pawan Goenka, president of the Mumbai-based company’s automotive division, told reporters in Seoul. Mahindra, which purchased a 70 percent stake in the carmaker, took formal control after a Seoul court yesterday allowed Ssangyong to exit the court’s receivership.