Millennium Post

Ssangyong to hire ex-workers if turnaround succeeds

Amid protest by laid off workers, Mahindra group Chairman and Managing Director Anand Mahindra on Tuesday assured that the conglomerate’s South Korean arm Ssangyong Motor Co will rehire ex-employees if its turnaround is successful. Ssangyong Motor Co (SYMC) which on Tuesday launched its compact SUV Tivoli, the first product to come out of the South Korean firm after its takeover by Mahindra & Mahindra, is looking at the US market for a bigger play as part of its revival plan.

“If Tivoli is successful and if turnaround of SYMC is successful then I would assure you when the time comes for the fresh recruitment, we would very certainly recruit from the people who lost jobs in 2009,” Mahindra said here. In April 2009, the Korean firm had trimmed about 2,645 jobs, 37 per cent of the total workforce, after it was put under court receivership following the 2008 global financial crisis. On the protest by some of the laid off workers, Mahindra said: “I am, of course, aware of the protest which is going on and I am deeply concerned... Part of the Mahindra culture is to empower and trust the local management of the companies that we have invested in.”

Citing the example of how the Mahindra group had turned around erstwhile Satyam Computers in India, he said: “We acquired it in 2009 and it was a painful journey...Now Tech Mahindra (formerly Satyam Computers) is the fifth largest IT firm and fastest growing in India. Same happy future is awaiting for Ssangyong. We would give it former glory and plant flag around the world.” He, however, hastened to add that the turnaround of SYMC is not over yet and there were challenges ahead. “Today, thanks to the efforts of the team here, over 4,800 people have the chance of survival and keeping their jobs. I use the word that SYMC has the chance for the survival and I want to emphasise this word. It is a chance and we cannot and must not lose. There are still many challenges ahead...Turnaround of SYMC is not complete,” Mahindra said.
PTI

PTI

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