SsangYong Motor is expected to invite tenders by next month and is likely to submit a restructuring programme by the first week of July, with the consent of the employees union. The court-appointed auditor, Ernst & Young Hanyoung, will oversee the sale process, said the people.
Companies including Mahindra & Mahindra and Marico confirmed disruptions in rural demand amid a severe second wave of the pandemic. This may impact the countrys overall economic recovery as the revival from the lockdown-induced slump in the second half of last fiscal was mainly powered by the rural economy.
Battered by the pandemic in 2020 and an economic slowdown in 2019, passenger vehicle sales in India fell to 2.7 million units in the last fiscal year - their lowest level in six years