Mahindra inks deal to purchase Ssangyong

India's Mahindra & Mahindra has officially inked a deal to purchase Korea's Ssangyong Motor Co.

Indi's Mahindra & Mahindra has officially been named the new owner of South Korea-based Ssangyong. Mahindra was named the leading bidder for Ssangyong earlier this year.

Per the terms of the deal, Mahindra will invest $463.6 million in Ssangyong, giving the Indian automaker a 70 percent stake in the company. The deal is set to be completed by March 2011.

"Together with its financial capability, Mahindra offers competence in sourcing and marketing strategy while Ssangyong has strong capabilities in technology," Mahindra President Pawan Goenka said in the statement. "We are committed to leveraging the combined synergies by investing in a new Ssangyong product portfolio to gain momentum in global markets."

Ssangyong was previously owned by Chin's SAIC, but fell into bankruptcy protection since early 2009. Mahindra expects the purchase to give it access to "emerging and growing markets," including Russia.

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