The acquisition of South Korean 4×4 maker SsangYong in March this year has opened Mahindra & Mahindra’s appetite for more assets in the Asian country.
The Indian company has said it is keen on deepening its engagement to South Korea, according to its vice-chairman and managing director Anand Mahindra. Speaking to the reporters in Mumbai on Thursday, he confirmed Mahindra’s increasing interest for South Korea.
“Yes, there is an opportunity to further explore investments, more acquisition opportunities in Korea, particularly in implements, farm equipments, and technology, yes we will definitely look at,” Anand Mahindra said when asked whether his group is looking at more assets in Korea. The company’s vice-chairman said Mahindra is sourcing tractors from Mitsubishi of Japan and Tongyang of Korea and selling them in the US markets under the band M&M.
Mahindra & Mahindra had completed acquisition process of SsangYong in March 2011 for $463 million, taking a 70 percent stake in the company. On September 30, SsangYong launched its first model under the new ownership, the XUV500, which has been a success, reaching 8,000 orders in the first 10 days of advanced booking. The company has a monthly capacity of about 2000 units now and production for the next four months is already booked.