Reportedly, China’s Geely and BYD may be excited about SsangYong, which is 74.65% owned by Mahindra and Mahindra.
South Korean sports-utility car maker SsangYong Motor is on the lookout for a possible purchaser after India’s Mahindra and Mahindra stated it may hand over its majority stake within the struggling firm. SsangYong has picked an advisor to faucet markets for a brand new investor, a spokesman for the South Korean firm stated on Friday. Shares within the carmaker closed up 30% after South Korean media, citing unnamed sources, stated on Friday that China’s Geely and BYD may be excited about SsangYong, which is 74.65% owned by Mahindra and Mahindra.
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A consultant for Geely, nonetheless, stated the carmaker has no plan to take part in any bidding for SsangYong. Electrical car maker BYD declined to remark.
South Korean media stated SsangYong had picked Samsung Securities to faucet the marketplace for curiosity, working with its international strategic companion Rothschild.
Samsung Securities and Rothschild declined to remark and SsangYong wouldn’t affirm the title of its advisor.
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SsangYong is burdened with excessive debt and reported its 13th consecutive quarterly working loss in January-March. It suffered from sluggish gross sales even earlier than the unfold of COVID-19 on account of powerful competitors within the sports-utility car (SUV) market.
An govt at Mahindra stated final week that the Indian firm was keen to let go of its possession stake in SsangYong.
The stake at is valued at 332 billion received ($274.59 million)as of Friday’s inventory market closing.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)