Under a major event in the Indian automobile circuit, the Auto major Mahindra & Mahindra recently said it has entered into an agreement to acquire a majority stake in beleaguered South Korean vehicle maker SsangYong Motor Company.

It may be noted here that the company said that it has signed a memorandum of understanding with SsangYong Motor to acquire a majority stake in the South Korean SUV maker in its filing to BSE. Moreover, the filing made by the company pointed out the fact that the agreement will be followed by a detailed due diligence process and finalisation of definitive agreements.

M&M Automotive and Farm Sector President Pawan Goenka said that the deal will help both the parties to expand on the global charts. There is no denying to the fact that India is a rapidly growing SUV market and will create new growth avenues for SsangYong.

It is to be mentioned here that Rothschild and Samsung Securities are advising M&M on the deal.

It may easily be recalled here that M&M was chosen as the preferred bidder by SsangYong Motor on the 12th of August, earlier this year.