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Mahindra to invest $900 million to develop platforms with SsangYong
Utility vehicle major, Mahindra & Mahindra (M&M) is investing $900 million ( 4,950 crore) over the next four years to develop three new platforms and six engines in collaboration with its South Korean subsidiary SsangYong Motor Corporation, a top executive said.
M&M president for the automotive division, Pawan Goenka, said that the company would invest an additional 5,000 crore for developing products indigenously till the end of 2014.
"We have plans to bring in several new products to be developed jointly by both the companies and would meet this expenditure partly through fresh equity, internal accruals and external commercial borrowings," he said.
M&M had acquired 70% stake in SsangYong Motor in March 2011 for $463 million and Goenka is also the chairman of the South Korean firm.
SsangYong had launched its first sports utility vehicle in India, the Rexton, on October 17. The vehicle will be assembled by M&M at its Chakan unit with parts sourced from the South Korean firm.