NEW DELHI : Mahindra & Mahindra plans to give up control of struggling South Korean unit SsangYong Motor, the Indian automaker's managing director said on Friday, as it looks to exit loss-making ventures amid the coronavirus pandemic."SsangYong needs a new investor.
We are working with the company to see if we can secure investment," Pawan Goenka told reporters.Mahindra earlier reported a consolidated net loss of ₹1,955 crore ($258 million), compared with a net profit a year ago, as it booked a writedown on its investment in SsangYong and other international units.Mahindra, which owns a 75% stake in SsangYong, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes.
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