M&M drops plan to fund Korean arm

The board of Mahindra & Mahindra Ltd. on Friday rejected a proposal to infuse any fresh equity in SsangYong Motor Company (SYMC) to help the Korean auto company tide over a difficult phase.

M&M’s board of directors held a special meeting to review investment in SYMC and to discuss capital allocation in the light of the COVID-19 impact. The management and labour union of SsangYong had requested fresh injection of equity from M&M to help the company fund 500 billion KRW ($406 million) of requirements over the next three years.

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Printable version | Jun 1, 2020 4:07:35 AM |

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