SEOUL, March 28 (Yonhap) -- SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday it has canceled the deal to sell its controlling stake to Edison Motors Co. due to the electric bus maker's payment failure.
SsangYong said it informed the Edison consortium of the termination of the contract, under which the consortium had offered to buy the SUV-focused carmaker for 304.8 billion won (US$249.1 million).
Edison Motors has paid 10 percent of the acquisition money but failed to pay the remaining 274.3 billion won by the March 25 deadline.
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