The acquisition of Korean automaker Ssangyong by Indian car manufacturer Mahindra and Mahindra was described as a means to elevate itself to an international player in the global sport utility automobile market.

Ssangyong, recognized as the tiniest car producer manufactures less valued but strong SUV's under the names of Hyron, Actyon and Rexton apart from making sedans. This company has also seen a long tussle with job cuts upsetting the process of production for more than 80 days in the last fiscal year.

The union is expected to be fruitful for both the companies giving rise to an influential and international SUV brand.

While Mahindra will work on providing financial steadiness to Ssangyong and bringing it back to its magnificent times, the former did not disclose the price of the takeover although experts suspect it to be 423.3 million.

At the same time the company has made it clear that currently it has cash reserves worth 500 million dollar and also that it would not seek help from any financial institution owing to its desire to remain a long-term player.