Auto major Mahindra & Mahindra (M&M) today said it will launch two SUV models -- Korando and Rexton -- from its Ssangyong Motor Company (SYMC) portfolio by next year.
"We will be launching two SUV's of Ssangyong --Korando and Rexton -- in Indian market by next year end," M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka said.
The company recently announced that it has signed a definitive agreement with SYMC to acquire 70 per cent stake in the ailing South Korean auto maker for $463 million (about Rs 2,105 crore).
"The next step will be for the creditors to approve this deal," Goenka said, adding the money that the company will be paying by January-end will be used to pay-off the creditors.
Then, there would be about two months of processing time before the final deal, he said.
"We are confident of the deal to get over in March," Goenka told PTI.
Sangyong Motors is a premier manufacturer of sports utility vehicles (SUV) and recreational vehicles (RV).
Rexton is a sport utility vehicle based on the Mercedes-Benz, M-Class, initially released in Korea by SsangYong Motor Company in 2001.
As part of revised line up of SsangYongs, fourth generation Korando, codenamed C 200 will be the first one to be launched late this year. It is said to be smaller in size than its rivals overseas like Hyundai ix 35 and Kia Sportage.
If Mahindra brings in the Rexton and Korando to India, then Toyota Fortuner, GM's Captiva, Ford Endeavour, Nissan X-Trail, Honda-CR-V, and newly launched Skoda Yeti will get a new rival in the premium SUV segment, industry sources said.