Mahindra has mentioned that the receiver of SsangYong cited Edison’s incapability to deposit the bid quantity for the termination of the deal.
View PhotosSsangYong has been beneath court docket receivership since April 2021 in an try and rehabilitate it
Indian carmaker Mahindra & Mahindra mentioned on Thursday {that a} deal to promote its bankrupt unit, SsangYong Motor Co, to South Korean electrical carmaker Edison Motors Co had been terminated. The receiver of SsangYong cited Edison’s incapability to deposit the bid quantity for the termination of the deal, Mahindra mentioned in an alternate submitting on Thursday.
Also Read: Ssangyong’s Acquisition Deal With Edison Motors Falls Through: Report
Indian automaker Mahindra, which owned about 75% of SsangYong as of September finish, has been on the lookout for a purchaser for all or most of its stake, which it purchased when the South Korean automaker was on the point of chapter in 2010.
Mahindra, which owned about 75% of SsangYong as of September finish, has been on the lookout for a purchaser for all or most of its stake
SsangYong has been beneath court docket receivership since final April in an try and rehabilitate the carmaker after Mahindra did not safe a purchaser.
In January this 12 months, SsangYong Motor had mentioned a consortium led by South Korean electrical carmaker Edison Motors Co had agreed to purchase it for 305 billion received ($254.65 million).
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With inputs from NDTV
