Mahindra Group Company SYMC has been running at a loss for many years.
Mahindra & Mahindra Group (M&M Group) told the stock market that its Korean subsidiary Sangyang Motor Company (SYMC) has a total debt of about Rs. Crore is Rs. In 2010, the Mahindra Group acquired a loss-making company. Mahindra has a 75 per cent stake in Sanya Ang Motor Company.
- Last updated:
December 1, 2020, 4: 7: 4 pm IST
In 2010, the Mahindra Group bought the loss-making SYMC
The Mahindra Group told the stock market that out of the total arrears, SYMC could not repay the billion billion won. Mahindra and Mahindra said in April 2020 that its board had rejected a proposal to add new equity to SYMC. The management of SYMC and the trade union demanded a fund of 100,000 billion won (approximately 66 660 million) from Mahindra and Mahindra for the next three years. Explain that Mahindra Group bought the loss-making SYMC in 2010.
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Attempts failed, and the company’s losses continued to grow each year
Despite all efforts, Mahindra and Mahindra could not bring SYMC out of losses and bring them into a for-profit company. Explain that Mahindra has about 75 percent stake in SYMC. Sangyang has been in deficit since 2001. The company reported a loss of 66 66 billion in 2001. However, the company had a profit of 58 billion won in 201A. Sangyang’s deficit increased to 622 billion won in 2018 and 1341 billion won in 2011.