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Court approves $240 mn acquisition of Mahindra’s SsangYong Motor

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A Seoul court on Monday approved a local consortium’s acquisition of Mahindra & Mahindra-owned SsangYong Motor by Edison Motors for $254 million, paving the way for the financially-troubled carmaker to get back on track.

The consortium led by electric carmaker Edison Motors signed a final deal with SsangYong to take over the SUV-focused carmaker, according to the two companies.

SsangYong was placed under court receivership in April last year for the second time after undergoing the same process a decade earlier.

Its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor due to the Covid-19 pandemic and its worsening financial status.

Under the final agreement, Edison has agreed to acquire SsangYong for 304.8 billion won ($254 million), and the acquisition money will all be spent to repay some of the carmaker’s debt to financial institutions, the two companies said in separate statements.

Edison said it has paid 10 percent of the acquisition money and secured the remaining 274.3 billion won, reports Yonhap news agency.

The electric bus and truck maker is required to submit its rehabilitation plans for SsangYong to the court by March 1.

China-based SAIC Motor Corp acquired a 51 per cent stake in SsangYong in 2004 but relinquished its control of the carmaker in 2009 in the wake of the global financial crisis.

In 2011, Mahindra acquired a 70 per cent stake in SsangYong for 523 billion won and now holds a 74.65 per cent stake in the carmaker.

For the whole of 2021, its vehicle sales fell 22 per cent to 84,106 units from 107,324 a year earlier amid the pandemic and chip shortages.

SsangYong’s lineup consists of the Tivoli, Korando, Rexton, and Rexton Sports SUVs.

National

IAF to conduct large-scale combat drills near India-Pak border; NOTAM issued

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New Delhi, June 7: India has issued a Notice to Airmen (NOTAM) for a major Indian Air Force (IAF) exercise scheduled to take place near the southern sector of the India-Pakistan International Border in Rajasthan from Saturday, June 7, to Sunday, June 8.

The exercise is part of the IAF’s regular operational preparedness and will be conducted in airspace near the border.

According to the NOTAM, the aerial drill will commence at 3:30 p.m. on June 7 and conclude at 9:30 p.m. the following day.

During this period, airspace over the designated region will be restricted to ensure the safe and seamless execution of air operations.

An official from the Indian Air Force confirmed that the combat exercises will feature a range of advanced air assets, including frontline fighter jets such as Rafale, Mirage 2000, and Sukhoi-30, in addition to surveillance platforms and other support systems.

Although the Ministry of Defence has not officially connected the exercise to ongoing geopolitical tensions, the timing and location of the drill carry notable implications.

This sector has become a focal point amid rising tensions following a deadly cross-border terror attack in Pahalgam. That incident triggered reciprocal airspace restrictions by both India and Pakistan, significantly straining bilateral relations.

India recently closed its airspace to all Pakistani-registered and military aircraft from April 30 to May 23.

This action followed Pakistan’s earlier decision to bar Indian flights from its airspace, marking an escalation in diplomatic and military frictions.

The situation remains tense along the Line of Control (LoC) in Jammu and Kashmir, where frequent ceasefire violations by Pakistani troops have prompted firm retaliatory responses from Indian forces.

This comes against the backdrop of India’s ‘Operation Sindoor’, which was launched on May 7, in retaliation to the terror attack in Pahalgam, where terrorists killed 26 innocent people.

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International

Trump to sell his Tesla car as feud with Musk carries risks for both: Report

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Washington, June 7: US President Donald Trump planned to sell the red Tesla car he said he bought in March, according to local media reports.

Citing the New York Times, the media reported that Trump had bought the car to show his support for Elon Musk amid criticism of his role in the administration.

“Administration officials said Mr Trump showed little interest in engaging with Mr Musk, even after the billionaire signalled he would be open to de-escalating the fight” they currently have, the report added.

Late Thursday, Musk backed off a threat to “immediately” decommission SpaceX’s Dragon spacecraft, which transports NASA astronauts and supplies to and from the International Space Station.

A short time later, when Bill Ackman, the hedge-fund billionaire, posted on social media that the two men “should make peace for the benefit of our great country,” Musk responded, “You’re not wrong.”

“For Musk, a prolonged feud with Trump could be hugely expensive,” noted the report. His companies, including SpaceX, have benefited from billions of dollars in government contracts and were positioned to receive billions more.

On Thursday, Trump threatened to end those contracts.

The feud is risky for Trump as well, it added. Musk, the world’s richest person, who spent about 275 million US dollars to help elect Trump in 2024, had promised to give 100 million dollars to groups controlled by the president’s team before the 2026 midterms.

Those funds have yet to be delivered and are now very much in doubt.

This also comes against the backdrop of Elon Musk’s threat, which he later retracted, to cut off NASA’s use of SpaceX’s Dragon spacecraft would be a huge blow to NASA, depriving the space agency of the only American vehicle capable of transporting astronauts to the International Space Station and dramatically changing how NASA would access the $100 billion orbiting laboratory, The Washington Post has reported.

The threat, posted on X, came during an escalating fight between the wealthiest man in the world and President Donald Trump, after Trump had threatened to cancel all of Musk’s company’s federal contracts.

“Given SpaceX’s importance to multiple federal programs, severing those relationships could leave NASA as well as the Pentagon and intelligence agencies in a lurch,” noted the report.

Several hours after making the threat, Musk relented, saying in response to a post on X that he should cool off and reconsider: “Ok, we won’t decommission Dragon.”

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Crime

Man who issued death threat to Delhi CM Gupta, arrested from Ghaziabad

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New Delhi, June 7: A man who issued a death threat to Delhi Chief Minister Rekha Gupta has been arrested by a team from the North-West District Special Staff of the Delhi Police.

The accused was apprehended from Ghaziabad following swift investigative efforts after the threatening call was made late on Thursday night.

According to police officials, the threat call was made to the Ghaziabad Police Control Room (PCR) while the accused was allegedly under the influence of alcohol.

Shortly after the threat was received, the Delhi Police Control Room was alerted, and the matter was escalated due to the high-profile nature of the target.

Investigators identified the caller and tracked his location, but by the time authorities reached the source, the suspect had switched off his mobile phone.

After intensive tracing efforts, the Special Staff managed to arrest him from a hideout in Ghaziabad.

Preliminary interrogation has revealed that the accused is a law graduate (LLB), who had been facing personal turmoil due to a troubled marriage. His wife had recently left him, which reportedly pushed him into emotional distress.

Before making the death threat, he had placed another call in which he demanded to speak to his wife, police said.

Interestingly, the accused was found in possession of fake identification cards that appeared to be police credentials, raising suspicions that he may have attempted to impersonate law enforcement personnel.

Officers stated that he repeatedly tried to mislead the police during questioning.

“Assessment of the threat perception of VIPs or VVIPs is conducted by security agencies on the direction of the Ministry of Home Affairs (MHA),” a senior Delhi Police officer said.

Chief Minister Rekha Gupta is entitled to Z-category security under the standard protocol. Security agencies are expected to reassess her security cover following this incident, officials confirmed.

Police are continuing their investigation to determine whether the accused has any prior criminal history or links to other disruptive activities.

Authorities have also launched a separate enquiry into the use of forged police IDs found in his possession.

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