Domestic auto company Mahindra & Mahindra (M&M) said on Monday that it would increase the prices of its tractors from January. The company says that the cost price has increased significantly in the recent past and the company is not in a position to bear it completely. In such a situation, he is forced to put a part of this burden on the customers.
On a regulatory note, Mahindra & Mahindra's agricultural unit said that it will increase the prices of all its tractor models from January 1 next year. How much will increase in price, the information will be given from time to time. Significantly, last week, Mahindra & Mahindra said that it is going to increase the prices of all passenger and commercial vehicles from next month.
Mahindra & Mahindra reported on Monday that it's South Korean branch Ssangyong Motor Company (SYMC) had applied for the insolvency process. The application has been filed in Seoul insolvency court under South Korea's debtor rehabilitation, and insolvency law, as well as the company, has also applied for autonomous reorganization support (ARS), a process set by the court.
If the court approves the ARS, the company will continue to operate under the supervision of its board of directors. Ssangyong Motor has a debt of about Rs 680 crore. Mahindra & Mahindra had told the stock markets last week that Ssangyong Motor had failed to pay a debt of about Rs 408 crore.