Mahindra receives RBI approval to reduce stake in SsangYong Motor

Mahindra & Mahindra has received the green light from the Reserve Bank of India to reduce its ownership in Korean automaker SsangYong Motor, putting the sale process with the potential investor on fast track, according to people privy to the development.
 
The maker of XUV500 and Scorpio has got a nod from the country’s central bank to reduce its stake in Ssangyong to 25 per cent from the current 75 per cent through capital reduction. A Mahindra spokesperson declined to comment, redirecting the query to a spokesperson at the Korean subsidiary.
 
SsangYong filed for court receivership in December