India's Mahindra in talks to set up assembly line in Russia

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February 21, 2012 10:01 CET

NEW DELHI -- Indian automaker Mahindra & Mahindra is in talks with South Korea's Ssangyong distributor in Russia to set up an assembly line.

The company may take two years to begin the assembly line in Russia, Pawan Goenka, president of Mahindra's automotive and farm equipment sectors, said on Tuesday.

Mahindra & Mahindra is the biggest shareholder of SUV-specialist Ssangyong.

Goenka also said the Indian company is considering raising the capacity for its newly launched XUV 500 medium SUV model to 5,000 per month from 3,000 per month.

Mahindra reported a bigger-than-expected 9.9 percent fall in profit during the quarter to end-December, as rising commodity costs squeezed margins, and a prolonged slowdown in tractor sales continued to dampen sales growth.

Sources: Reuters and Automotive News Europe

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