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India’s industrial giant, Mahindra & Mahindra Ltd, are set to take a majority stake in the troubled South Korean car company Ssangyong Motor Company, after signing a memorandum of understanding recently.

Mahindra & Mahindra is a $7.1 billion company run by Anand Mahindra, who sees the acquisition as an opportunity to leverage Ssangyongs’ R&D in design, testing and validation.

Ssangyong is no latecomer to the car industry, having been established in 1962, their current line-up consists of 7 models including 2 large sedans, 4 SUVs and 1 MPV.

It’s brand presence stretches across Europe, Russia, South America, the Middle East, Africa and Asia, with over 1.3 million SUV sales alone, from 1990 to 2009.

What Ssangyong desperately needs is stability and plenty of cash for new model development. Let’s hope Mahindra & Mahindra can provide both goods and services for this worthy car manufacturer.