company Mahindra and Mahindra has decided to pull out its share from the
carmaker. SsangYong failed to find a suitable buyer due to which the court has
put the company under court receivership. The company has defaulted a loan
payment of around $148 million for which it was given months to secure funds.
According to a
report, Ernst & Young Hanyoung has been appointed to oversee the sale
process. The report also says that the car maker is expected to invite tenders
by June and may submit a restructuring programme by the first week of July. It
is expected that mostly electric vehicle makers will invest and bid for the
carmaker. Some of the names in the list include US-based HAAH Automotive and
The company is
under high levels of debt and requirement of fresh investment due to which it
would not be easy for the company to find a new buyer.
Source – Business Today