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India's Mahindra scraps SsangYong investment plan due to COVID-19 crisis Updated: 2020-04-05 09:11:37 KST

The Indian carmaker Mahindra will no longer be investing in South Korea's SsangYong Motor so it can save cash amid the COVID-19 crisis.
Less than two months ago, Mahindra had committed to investing over 400 million U.S. dollars into SsangYong to help turn the company around, but it said on Friday that now it won't be able to.
By taking on a stake of almost 75 percent back in 2010, Mahindra rescued SangYong from near-insolvency.
Still, it said it would consider a special one-time infusion of up to 32 million dollars over the next three months, and will help Ssangyong find new investors.
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