The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker.

 

The city government of Pyeongtaek, 70 kms south of Seoul, said it has signed a memorandum of understanding with the court-appointed manager of SsangYong and its labor union, regarding the sale of the site, which measures 850,000 square meters and is valued at 900 billion won ($786 million).

 

The plant was constructed in 1979.