South Korea’s SsangYong Motor Company to sell its Pyeongtaek plant as the rehabilitation process

South Korea-based car maker SsangYong Motor Company has chosen to sell its Pyeongtaek plant as a component of self-salvage endeavors, The Korea Times cited neighborhood government as saying on Saturday.

The obligation ridden automaker’s Indian parent Mahindra and Mahindra neglected to get a purchaser for its 75% stake in the automaker, the day by day noted. Following this, SsangYong Motor Company has been under court receivership since April. As indicated by the new turn of events, the regional administration of Pyeongtaek has signeda update of comprehension with the court-designated supervisor of SsangYong and its worker’s organization in regards to the offer of the site. The plant – built in 1979 – is spread across 850,000 square meters and is esteemed at 900 billion won ($786 million).

In any case, the regional legislature of Pyeongtaek has guaranteed the firm that it will offer authoritative help during the time spent development and movement, as the firm will assemble another manufacturing plant in Pyeongtaek.

“We will effectively uphold SsangYong Motor to develop into a worldwide organization that adds to the improvement of the nearby economy,” The Korea Times cited Pyeongtaek Mayor Jung Jang-seon as saying.

Adding more, court-designated head Chung Yong-won said SsangYong Motor’s ne plant will zero in on green and self-driving vehicles as a base for the organization’s drawn out endurance.

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