When India's Tata conglom-erate bought Jaguar and Land Rover from Ford Motor for $2.3 billion in 2008 and launched the $2,500 Nano, the world's cheapest car, a year later, it heralded a global arrival of Indian automakers. Trailing in Tata's shadow was Mahindra & Mahindra, India's leading maker of tractors and sport utility vehicles (and coincidentally Ford's onetime partner). It was one of three bidders for Jaguar and Land Rover but lost out to the bigger group. Last November Mahindra realized its long-cherished ambition when it snatched a 70% stake in cash-strapped SsangYong Motor, Korea's fifth-largest auto firm, for $463 million.
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