Indian Automaker M&M May Buy Stake In Ssangyong

Indian automaker Mahindra & Mahindra (M&M) has expressed an interest in buying a stake in South Korea's Ssangyong Motor, reports The Korea Economic Daily. Media reports suggest that M&M has sent a letter to Ssangyong to acquire management rights. A Korean court had approved a restructuring plan for cash-strapped Ssangyong in December 2009, which resulted in a reduction in the stake of its former owner Shanghai Automotive Industy Corp (SAIC) to 11.2% from 51%.

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