Mahindra Group to Invest 1.3 Tln Won in Ssangyong within 4 Years

Write : 2018-07-11 09:28:01 Update : 2018-07-11 10:25:05

Mahindra Group to Invest 1.3 Tln Won in Ssangyong within 4 Years

The chairman of Mahindra Group, which has a controlling stake in South Korean automaker Ssangyong Motor, has promised to invest one-point-three trillion won in its Korean subsidiary within three to four years. 

Presidential press secretary Yoon Young-chan said that Chairman Anand Mahindra gave the promise during a meeting with President Moon Jae-in in New Delhi on Tuesday.

In the meeting, Moon reportedly asked the businessman to pay more attention to the difficulties of former Ssangyong employees who were laid off before Mahindra took over the Korean automaker and are currently asking to be reinstated. 

A senior presidential official said the chairman appears to have fully understood the issue. 

The chairman said that Mahindra had acquired the struggling automaker in 2011 and suffered many difficulties due to labor-management issues, but the firm's sales more than tripled over the past seven years through cooperative relations with the union.

He pledged to continue efforts for the company's sustainable growth, saying that the Ssangyong union's support enabled the company to overcome the crisis and achieve growth.

[Photo : YONHAP News]

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