Mahindra & Mahindra arm SsangYong Motor files for bankruptcy

Mahindra & Mahindra (M&M) on December 23rd gave a statement in which it said its South Korean arm SsangYong Motor Company has filed for bankruptcy. SsangYong Motor has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea. SsangYong Motor company entered the Indian market with “Rexton” ,an upper range SUV and it made decent sales at the time.