Indian truck maker Mahindra & Mahindra Ltd. reportedly agrees to pay $378 million for a 70% stake in Korea’s Ssangyong Motor Co. Ltd., which has been under bankruptcy protection since July 2009.

The deal, which still requires approval by the Korean company’s creditors, includes the assumption of some of Ssangyong’s corporate debt. Mahindra expects to complete the acquisition by March.

Mahindra signed a memorandum of understanding in August to take a majority stake in the struggling utility-vehicle maker after it was named the preferred bidder.

“We are committed to leveraging on Ssangyong's strong competencies in research and development and technology by investing in (its) new product portfolio, which will help us gain momentum in global markets,” Mahindra President Pawan Goenka said at the time.

To boost sales, Mahindra reportedly plans to introduce as many as three new Ssangyong SUV models in four years.

The deal also gives the Indian auto maker access to Ssangyong’s more-advanced engines, which some media reports suggest could be used in pickup trucks Mahindra plans to sell in the U.S. The sales launch has been delayed for a number of months.