Will SsangYong bankruptcy hurt M&M?
Synopsis
INVESTMENT VALUE in Korean co has been reduced; drive to shut down loss-making ventures to improve returns and make a case for rerating
Mumbai: Mahindra & Mahindra (M&M) has largely reduced the value of its investment of Rs 2,450 crore in SsangYong Motor Company (SYMC) in its balance sheet and hence bankruptcy filing of SYMC has no major impact on the company’s financials, analysts said.The company has made a total impairment provision of Rs 5,330 crore since December quarter last year. M&M’s move to shut down loss-making subsidiaries to improve free cash flows and
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