Completes one year under Mahindra Group stewardship
March 15, 2012, Seoul: Ssangyong Motor Company (SYMC), one of South Korea’s premier SUV manufacturers, is well on the path to revival and growth, a year after it was acquired by the USD 14.4 billion Mahindra Group. Under the Indian company’s stewardship, SYMC has adopted several measures to help it achieve its vision of ‘the Most Innovative and Respected Korean Automotive Company’.
“Over the past one year we have implemented a focused growth strategy for Ssangyong, along with Mahindra. This includes articulating a new vision and mid to long term strategy, establishing a strong, cooperative relationship with all stakeholders, labour union, vendors, and dealers, and launching new versions of the Chairman H, Chairman W and the Korando Sports. Ssangyong is on the path to a strong revival as witnessed by a nearly 40% growth in sales volumes in 2011” said Mr. Lee Yoo-il, President and CEO of Ssangyong Motor Company.
“Since last March, we have committed to investing over Rs. 1780 crores (KRW 400 billion) in a new SYMC product portfolio and facilities (including a Rs. 1317.20 crores (KRW 296 billion) investment in a next generation compact CUV and a new engine) to gain momentum in global markets. We are also looking forward to introducing Ssangyong products in the fast growing Indian market,” said Dr. Pawan Goenka, Chairman, Ssangyong Motor Company and President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd.
The last 12 months have been marked with several milestones for Ssangyong. SYMC nominated a Board of Directors with great experience and credibility, comprising 50% independent directors, and is committed to set the highest standards of corporate governance. Ssangyong was one of the first Korean companies to complete 2011 wage negotiations with its Union in the most cooperative manner. The company showcased its products at the Delhi Auto Expo, as part of the Mahindra pavilion. Mahindra South Africa, a subsidiary company of the Mahindra Group, will begin distributing Ssangyong vehicles shortly. Several other projects are also being pursued cooperatively by both organisations to leverage synergies in R&D, technology, sourcing and overseas markets.
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A USD $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.
In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
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For further enquiries please contact:
Ms. Roma Balwani
Senior VP & Group Head - Corporate Communication
Mahindra & Mahindra Ltd
Phone: (+91-22) 2490 1441