Anand Mahindra meets President of South Korea, Ms. Park Geun-Hye at New Delhi
Anand Mahindra, the Chairman of the Mahindra Group, met the visiting President of South Korea, Ms. Park Geun-Hye, in New Delhi on Friday, January 17, 2014. He was accompanied by Dr. Pawan Goenka, Executive Director of Mahindra and Chairman of Board of Ssangyong Motors, and Mr. Rajeev Dubey, Member of the Group Executive Board.
President Park expressed the desire of her Government for stronger economic ties with India. She expressed gratitude for Mahindra & Mahindra’s investment to acquire Ssangyong, which had applied for a court-led debt-rescheduling program in 2009. She appreciated Ssangyong’s decision last year to rehire some 450 workers who were on unpaid leave due to the company’s financial woes, and stated that this was an example of a good management and labour culture.
Dr. Goenka said that the turnaround of Ssnagyong is the outcome of hard work of the Ssangyong management and the workers. He also informed the President of Mahindra’s strong and positive intention to support investments by Ssangyong Motors.
Mr. Mahindra informed the President that the Mahindra Group, which comprises multiple, diverse businesses, is exploring opportunities for investment in other sectors. For example, Mahindra Finance, which is one of India’s largest non-banking financial services companies, is currently exploring a joint venture with the Woori Bank of Korea to extend automobile financing to customers of Ssangyong Motors.