Mahindra & Mahindra Ltd. (M&M) Board of Directors held a special meeting to review investment in SsangYong Motor Company (SYMC) and at the same time to discuss the approach to capital allocation in light of the COVID 19 impact.<\/p>\n\n\n\n
The request from the management and labor union of SsangYong Motor Company (SYMC) for a fresh injection of equity from M&M to help the company fund 500 billion KRW (USD 406M) of requirements over the next three years, was considered by the Board.<\/p>\n\n\n\n
The Board noted that large parts of the global economy are under the shutdown. India particularly is under an unprecedented 21-day complete lockdown. Only emergency services are operating while everything else is closed.<\/p>\n\n\n\n
The Board has also initiated several measures to tighten capital allocation norms and ensure that M&M remains strong through the current crisis and beyond. After lengthy deliberation given the current and projected cash flows, the M&M Board took a decision that M&M will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding. However, with a view to enabling SYMC to have continuity of business operations, whilst they are exploring alternate sources of funding, the board has authorized the M&M management to consider a special one-time infusion of up to 40 billion KRW (USD 32M) over the next three months<\/p>\n","protected":false},"excerpt":{"rendered":"
Mahindra & Mahindra Ltd. (M&M) Board of Directors held a special meeting to review investment in SsangYong Motor Company (SYMC)<\/p>\n","protected":false},"author":1,"featured_media":955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,35],"tags":[],"_links":{"self":[{"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/posts\/954"}],"collection":[{"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/comments?post=954"}],"version-history":[{"count":1,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/posts\/954\/revisions"}],"predecessor-version":[{"id":956,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/posts\/954\/revisions\/956"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/media\/955"}],"wp:attachment":[{"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/media?parent=954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/categories?post=954"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fanarpublishing.net\/arabworldagribusiness\/wp-json\/wp\/v2\/tags?post=954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}