A consortium led by South Korean electrical carmaker Edison Motors Co has agreed to accumulate debt-ridden SsangYong Motor Co Ltd for 305 billion received ($254.65 million), SsangYong Motor stated on Monday.
SsangYong is burdened with excessive debt and its car gross sales final 12 months fell to 84,496, down about 21% from a 12 months earlier, a regulatory submitting from the automaker confirmed.
The automaker reported a January-September 2021 working lack of 238 billion received from income of 1.8 trillion received.
SsangYong has been beneath courtroom receivership since April in an try to rehabilitate the carmaker after majority proprietor Mahindra and Mahindra did not safe a purchaser.
Indian automaker Mahindra, which owned about 75% of SsangYong as on the finish of September, has been searching for a purchaser for all or most of its stake, which it purchased when the South Korean automaker was near-bankruptcy in 2010.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
Supply: Live Mint