Mahindra & Mahindra Ltd.
BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3159.35
30.20 (0.97%) M&M's South Korean subsidiary files for bankruptcy
Date: 22-12-2020SsangYong Motor Company (SYMC), the South Korean subsidiary of Mahindra and Mahindra (M&M), has filed for bankruptcy. The subsidiary informed the Korean Stock Exchange regarding start of a rehabilitation procedure with the Seoul Bankruptcy Court. The development comes a week after the struggling automaker missed the repayment of Rs 480 crore to JP Morgan Chase Bank which was due and payable on December 14.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.