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25 November, 2011 The Mahindra Group on Thursday said it is open to more acquisitions in South Korea as it is keen to deepen its engagement with that market where it has presence in the automobile space.
“Yes, there is an opportunity to further explore investments.., more acquisition opportunities in Korea, particularly in implements, farm equipments, and technology, yes we will definitely look at,” vice-chairman and managing director Anand Mahindra told reporters here when asked whether his group is looking at more assets in Korea.
“Currently, we are sourcing tractors from Tongyang of Korea and Mitsubishi of Japan and selling them in the US markets under the M&M band. I would like to deepen this relationship, by increasing the volume intake,” he added.
Mahindra, who has just been appointed by the Korean government as its honorary ambassador, was talking to reporters on the sidelines of a meet on Indo-Korea bilateral cooperation.
“As far as the companies from which we already import are concerned, we are deepening our relationship, hopefully using our brand and deepening their market share in the US,” he said.
The Mahindras had completed in March the acquisition of the sick SsangYong Motor Co for about Rs 2,105 crore, making its first foray into Far Eastern country.
For M&M, which had lost the bid to buy JLR in 2008 to the Tatas, the SsangYong buyout was a big step towards realising its ambition to be a global player in the utility and sports utility vehicles segment.
When asked whether M&M would be showcasing the SUVs from SsangYong at the forthcoming Auto Expo in the Capital, Mahindra answered in the affirmative.
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