Mahindra talks to investor to sell stake in Ssangyong

Bloomberg

Mahindra & Mahindra is in discussions with an investor for selling a majority stake in Ssangyong Motor as India’s largest SUV maker reassesses its investments amid pandemic.
Mahindra will hold 30% or less in Ssangyong if the deal goes through and will also do a 25% capital reduction, Pawan Goenka, managing director of the Indian automaker said. It expects to sign the term sheet next week and will conclude the transaction by February 28, he said. The company had purchased 70% stake in Ssangyong for $368 million in 2010.
“Things have changed drastically in the last 12-15 months,” Goenka said. With the kind of change that’s happening in business scenario and auto industry, we’ve to again re-prioritise where we put our money and where we put emphasis.”