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Ssangyong Involvement For M&M Panel
The company"s President for auto and farm equipment said as the acquisition proposal had been the main agenda for all these days, the focus now shifts on integration with the Korean company employees. Mahindra & Mahindra is fully aware of the labor issue in the company and is keen on getting rid of this by involving the representatives from it. The Korean leaders of labor issues said the local cultural practice will be applied to have a smooth sailing of the acquisition process. The earlier attempt by the Chinese SAIC for rescuing Ssangyong was not successful due to this labor issue.
Now Mahindra &Mahindra has assured to retain all staff of the existing Ssangyong, since the Korean company faced a strike phase in 2009 hitting the production and profit. This made Korean company reduce the employee strength to 4000 from 7000. But the acquisition process has involved a tripartite agreement among M&M, the Korean company and the labor representatives for due job security. This Mahindra & Mahindra initiated in November last when the officials from Korean company made a visit to India. In another move, five or six members of M&M officialdom will be deputed to Korea and the list will be ready soon, he added. Mahindra &Mahindra took this acquisition to expand its global presence aided by Ssangyong"s Rexton II and Korando Calso which are pitted for exports to China, Europe , Russia and the Middle East.
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