- Mahindra is looking to cut costs after incurring a total of Rs 2,719 crore losses from international subsidiaries
- Mahindra is looking for investors for SsangYong and had decided to shut down the Genze e-scooter business
Stung by steep losses arising from its international businesses, Mahindra & Mahindra (M&M) has decided to stop any further investments in Ssangyong Motors. The company is said to be aggressively looking for an investor and has not ruled out completely exiting from its South Korean subsidiary.
The company announced a ‘Walk-Run-Fly’ strategy to drive the automotive and tractor businesses this year. This involved taking ‘tough calls’ of shutting down the Genze electric scooter business in the USA and stopping further investment in the Korean carmaker.
Over a period of five years M&M has invested in numerous international subsidiaries by way of mergers and…