Mahindra & Mahindra plans to establish a wholly owned finance subsidiary in South Korea in 2014, called Mahindra Korea.

The Indian automaker, the largest shareholder in South Korean SUV maker Ssangyong Motor, plans initially to launch vehicle financing operations to support local Ssangyong sales.

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The new company will be headed by Mahindra’s senior vice president and chief financial officer Dilip Sundaram. 

While Mahindra Korea may also import electric motorcycles from India, the company has confirmed that it will not get involved directly with the operations of Ssangyong and will allow its South Korean subsidiary to decide whether it wants to sell Mahindra vehicles in South Korea.

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