"We are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory," said Pawan Goenka, president of Mahindra's automotive and farm equipment sectors. Mahindra plans to jointly use vehicle platforms with Ssangyong to manufacture new models, he said. Lee Yoo-Il, who worked as a joint manager for Ssangyong under the court-led bankruptcy protection, will be the company's new chief executive, he said. In November, Mahindra signed a final contract to buy a controlling stake in Ssangyong for 522.5 billion won ($463.6 million). Ssangyong had been under court-led bankruptcy protection since early 2009 as a slump in sales of its mainstay sports-utility vehicles dried up its cash reserves.