India's Mahindra says deal to sell SsangYong Motor to Edison terminated (updated)

KG Mobility

07/04/2022 14:05

(Updates with details on termination, context)
    BENGALURU, April 7 (Reuters) - Indian carmaker Mahindra &
Mahindra  MAHM.NS  said on Thursday that a deal to sell its
bankrupt unit, SsangYong Motor Co  003620.KS , to South Korean
electric carmaker Edison Motors Co had been terminated.
    The receiver of SsangYong cited Edison's inability to
deposit the bid amount for the termination of the deal, Mahindra
said in an exchange filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/fa4e307d-87d6-460a-b635-a0d79bed1244.pdf
 on Thursday.
    Indian automaker Mahindra, which owned about 75% of
SsangYong as of September end, has been looking for a buyer for
all or most of its stake, which it bought when the South Korean
automaker was on the brink of bankruptcy in 2010.
    SsangYong has been under court receivership since last April
in an attempt to rehabilitate the carmaker after Mahindra failed
to secure a buyer. urn:newsml:reuters.com:*:nL4N2M80KF
    In January this year, SsangYong Motor had said a consortium
led by South Korean electric carmaker Edison Motors Co had
agreed to buy it for 305 billion won ($254.65
million). urn:newsml:reuters.com:*:nL4N2TP0K4

 (Reporting by Nallur Sethuraman and Chandini Monnappa in
Bengaluru; Editing by Anil D'Silva)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))