Mahindra and Mahindra on Tuesday declared its readiness for acquisitions as opportunities presented themselves. The company also expressed confidence that SsangYong Motor Company of South Korea, in which it holds a majority stake, would achieve a turnaround in a year or two.
“The recovery trend shown by SsangYong is better than what we planned and it is expected to be in a better financial position in a year or two,” M&M automotive division chief executive Pravin Shah said.
Mr. Shah, who was here to launch SsangYong Rexton, a high-end SUV, said the company was happy with the acquisition of the Korean automaker.
Replying to queries, he said the company was looking for growth by adding value and was open for opportunities of acquisition, if they meet its global aspirations.
He refused to comment when asked about reports that M&M was pitching for Aston Martin.
Strategy
Our Chennai correspondent writes:
Speaking at the launch of Rexton in Chennai, M&M chief marketing offer, automotive division, Vivek Nayer, said the vehicle was being manufactured at Mahindra’s Chakan plant near Pune by sourcing components from SsangYong, Korea, and from India.
The ex-showroom Chennai price of RX5 (manual with TOD) variant is Rs.18.08 lakh, while that of RX7 (AT with AWD) is Rs.20.11 lakh.
