India's Mahindra and Mahindra (M&M) says it will retain South Korean automaker Ssangyong’s management even after the completion of its purchase of the ailing company.

The Times of India on Monday reported the plan, quoting a top M&M official.

The paper also said that the deal has entered its final stage with some of the biggest creditors agreeing to a haircut. A haircut is a percentage that is subtracted from the par value of assets to be used as collateral.

The Indian utility and tractor maker, which will own 70% of Ssangyong, reportedly has no plans to delist the Korean firm. M&M plans to allow Ssangyong to function as a separate entity.