Indian manufacturer Mahindra & Mahindra has signed a definitive agreement to take a 70% stake in SsangYong Motor Company for $463 million (£293.3m).

The deal is expected to go through in March 2011.

Paul Williams, managing director of SsangYong importer Koelliker UK welcomed the deal.

Williams said: “This is great news for our customers, dealers and staff here in the UK. It secures a firm footing from which to move forwards, and with the imminent arrival of Korando, our new C sector crossover vehicle, means we can look forward to a successful new era for the SsangYong brand.”

The first shipment of new Korandos will arrive in the new year, priced against the Hyundai ix35, Kia Sportage and Nissan Qashqai.
Williams said he was now in the process of appointing five new dealers to the SsangYong franchise in anticipation of the Korando.