Mahindra signs MoU to buy stake in Ssangyong

Indian utility vehicles maker Mahindra & Mahindra said on Monday it had signed a memorandum of understanding to buy a majority stake in troubled South Korean automaker Ssangyong.

The agreement will be followed by a detailed due diligence process and finalisation of definitive agreements, it said in a statement.

Rothschild and Samsung Securities are advising Mahindra on this deal, it said.

On August 12 Ssangyong had named Mahindra as its preferred buyer.

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