Ssangyong names Mahindra as preferred buyer

SEOUL: South Korea’s troubled Ssangyong Motor named Mahindra and Mahindra, India’s top utility vehicle maker, as its preferred buyer in a deal that reinforces the growing clout of emerging market automakers.

Sport-utility vehicle (SUV) maker Ssangyong, which is in bankruptcy protection, said Mahindra had been chosen after making the highest bid and securing financing plans, though declined to disclose the offer price.