Wednesday, June 29, 2011
By Pranjal Gera
Mahindra to initiate sales in the Korean market
The leading Indian Auto company, Mahindra having recently taken over the Korean Auto maker Ssangyong, is planning to launch their products in the Korean market starting from next year.
Mr. Pawan Goneka, M&M president, automotive and farm equipment sector commented on the move and said that they have not yet decided that when will they start the sales and it will most probably happen sometime next year.
He also said that a thorough study of the Korean market will be conducted before launching the products there. He said that the company might roll out a couple of its existing products to observe the market trends there and to develop a better sales strategy for the Korean market.
The recent deal of taking over 70 % stake of Ssangyong by M&M was closed on a hefty amount of $464 million and the acquisition was completed only two months back.
After the acquisition completed, the company focused on launching two SUV’s in the Korean market.
Work is under way as the joint venture of companies will be launching Korando C and Rexton, two premium segment SUV’s before the end of this financial year.