Over the next four years, Mahindra & Mahindra (M&M) will invest US$900m in products to be developed jointly with its South Korean unit Ssangyong Motor.

M&M's automotive president Pawan Goenka, who is also the chairman of Ssangyong, told Reuters that this investment would be separate from Mahindra's plans to spend INR50bn ($908m) on its own products during the three years ending 2014.

M&M acquired a majority stake in SUV manufacturer Ssangyong for $460m in 2011.