Mahindra & Mahindra revealed that it is in discussion with a future potential investor to sell his majority stake in South Korean arm SsangYong Motor Company which has already filed for bankruptcy and is expected to sign a non-binding agreement by the next week.
M&M currently holds nearly 75% stake in the Korean firm and the deal is expected to closed by Feb 2021. SYMC revealed on Dec 21, 2020 that it has filed for bankruptcy under the Debtor Rehabilitation and Bankruptcy Act of South Korea.