Mahindra Finance signs joint venture agreement with Woori Financials for SsangYong financing

September 6
9:53 AM 2013

A memorandum of understanding was signed between Mahindra Finance and Woori financials. The memorandum was to cover a joint venture to finance Ssangyong Motor vehicles for Korea,

In a statement, Mahindra Finance said, "Post the MoU, both Woori Financials and Mahindra Finance will work together and evaluate the feasibility of setting up a joint venture to provide appropriate financing solutions to the customers of Ssangyong vehicles."

Mahindra & Mahindra Ltd is the majority owner of Ssangyong Motor. This came about after auto manufacturer M&M had acquired the majority shareholdings of South Korea's SsangYong Motor Company.

Mahindra was the preferred bidder for SsangYong back in August 2010, where it purchased 70% of SMC for the price USD463 million,

On the other hand, Woori Financials is an affiliae of Woori Financial Group and had plans to expand customer marketing activities as well as financial support through a joint investment with Mahindra Finance.

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