Mahindra Group Company SYMC has been losing money for many years.
Mahindra & Mahindra Group (M&M Group) told the stock exchange that Korean subsidiary Sangyang Motor Company (SYMC) has a total debt of Rs 6,880 crore. In 2010, the Mahindra Group took over the loss-making company. Mahindra has a 75 per cent stake in Sangyang Motor Company.
- Last updated:
15 December 2020, 9:47 PM IST
In 2010, the Mahindra Group bought the loss-making SYMC
Mahindra Group told the stock exchange that out of the total arrears, SYMC could not repay 60 billion Korean won. Mahindra & Mahindra said in April 2020 that its board had rejected a proposal to add new equity to SEMC. SYMC’s management and trade union sought funding from Mahindra & Mahindra for 500 billion Korean won (about 6 406 million) over the next three years. Let me tell you that Mahindra Group bought the loss-making SYMC in 2010.
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Attempts failed, and the company’s losses continued to grow every year
Despite all efforts, Mahindra and Mahindra could not bring SYMC out of losses and bring them into a profit making company. Explain that Mahindra has about 75% stake in SIMC. Sangyang has been losing money since 2001. The company reported a loss of 66 66 billion in 2017. However, the company had a profit of 58 58 billion in 2016. Sangyang’s deficit widened to 62 billion won in 2018 and 341 billion won in 2019.