 "Mahindra Fin, Woori Financials JV to fund SMC motors in Korea")
Mahindra & Mahindra Financial Services (Mahindra Finance) has signed a memorandum of understanding (MoU) with Woori Financials to set up a joint-venture for financing Ssangyong Motor vehicles in Korea.
"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 Finance said in a statement.
Ssangyong Motor is majority owned by Mahindra & Mahindra Limited (M&M). In early 2011, auto major M&M had completed the acquisition of a majority stake in South Korea's SsangYong Motor Company (SMC).
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Mahindra had been the preferred bidder for SsangYong in August, 2010. Post the acquisition it holds a 70% stake in SMC, for which it has shelled out USD 463 million.
Woori Financials, an affiliate of Woori Financial Group plans to strengthen customer marketing and financial support via joint investment with Mahindra Finance.
Mahindra Finance, a subsidiary of M&M is one of the non- banking finance companies with a pan India presence. Focussed on rural and semi-urban sector, it provides finance for vehicles and tractors.