Mahindra subsidiary Ssangyong Motor Co misses loan repayment to JP Morgan

The South Korea listed SUV maker that has been battered by the pandemic, has outstanding loans aggregating 100 billion Korean Won (approximately Rs 680 crore)

Ssangyong Motor Co, the South Korean subsidiary of Mahindra and Mahindra has missed a repayment of Rs 480 crore (60 billion Korean Won) to JP Morgan Chase Bank, South Korea which was due and payable on 14 December, Mahindra said in a stock exchange notification on Tuesday.

The South Korea listed SUV maker that has been battered by the pandemic, has outstanding loans aggregating 100 billion KRW (approximately Rs 680 crore). Besides JP Morgan, it includes (approximately Rs 68 crore) 10 billion KRW from BNP Paribas and (Rs 204 crore) 30 billion KRW from Bank of America.  

“Whilst the company has made