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M&M considers $32 million infusion in ailing SsangYong Motor

India city Mumbai North Korea covid-19 crisis
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Mumbai: Mahindra & Mahindra Ltd (M&M) on Friday said that it’s board of directors, in a special meeting to review investment in SsangYong Motor Company (SYMC), has authorized the management to consider a one-time infusion of up to 40 billion KRW or USD 32 million over the next 3 months to ensure continuity of operations amid covid-19 crisis.

But given the nationwide lockdown in India and projected cash flows, M&M’s board has declined to inject any fresh equity into SYMC urging them to find alternate sources of funding.

The management and labour union of SYMC had earlier requested M&M for fresh funding as additional injection of equity to help the Korean carmaker fund its operations and pay maturing loans.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
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Deaths: 141 607
Recovered: 0
Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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