Mahindra owns a 75% stake in SsangYong and had rescued the SUV maker from near-insolvency in 2010.
Mahindra & Mahindra plans to give up control of struggling South Korean unit SsangYong Motor, the Indian automaker's managing director said on Friday, as it looks to exit loss-making ventures amid the coronavirus pandemic.
"SsangYong needs a new investor. We are working with the company to see if we can secure investment," Pawan Goenka told reporters.
Mahindra earlier reported a consolidated net loss of 19.55 billion rupees ($258 million), compared with a net profit a year ago, as it booked a write-down on its investment in SsangYong and other international units.
Mahindra, which owns a 75% stake in SsangYong, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes. The company said in April it would not invest further in SsangYong.
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