Mahindra and Mahindra Ltd.’s aim to become a global maker of sport utility vehicles (SUVs) has hit a major hurdle with the bankruptcy of SsangYong Motor Co.,sources said. Mahindra acquired the South Korean SUV maker after the 2007-08 global financial crisis when several Indian and Chinese companies were vying for foreign firms to access new technologies and achieve a global footprint. It was during the same time that Tata Motors Ltd. had acquired Jaguar Land Rover and Bajaj Auto Ltd invested in Austrian bike maker KTM AG.
“The idea was to build on the success of Bolero, Scorpio and XUV500 and make a mark in the premium and bigger SUV segments in India while building scale for SsangYong along with entering several lucrative export markets, a senior industry executive said on condition of anonymity.
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