Mahindra India President Goenka Meets with Korea Development Bank Chairman Lee Dong-geol

[Image source=Yonhap News]

[Asia Economy Reporter Kangwook Cho] The president of India's Mahindra Group met with Lee Dong-geol, chairman of KDB Industrial Bank, expressing his commitment to the normalization of Ssangyong Motor's management and requesting support.

According to the Industrial Bank and related industries on the 17th, Pawan Goenka, chairman of Ssangyong Motor's board and president of Mahindra, visited the Industrial Bank yesterday afternoon and held a meeting with Chairman Lee.

An official from the Industrial Bank stated, "The meeting was held at Mahindra's request," adding, "Mahindra expressed its intention to invest in Ssangyong Motor and presented a blueprint for management normalization."

At the meeting, President Goenka reportedly conveyed that although Ssangyong Motor's business performance has deteriorated due to the recent global automotive market downturn, as the major shareholder, they are making responsible efforts for the revival of Ssangyong Motor.

Additionally, the Industrial Bank explained that Mahindra is pursuing strategic alliances with leading global automotive companies to enhance Ssangyong Motor's sustainable competitiveness, beyond their direct investment plans.

Industry insiders believe that President Goenka brought investment plans from the major shareholder and Ssangyong Motor's own management reform proposals to the main creditor bank, the Industrial Bank, to request support.

The Industrial Bank stated, "We hope that Ssangyong Motor will be normalized promptly through a sufficient and reasonable level of feasible management plans, with the participation and cooperation of all stakeholders."

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