SAIC Forges Partnership with Indian Steelmaker for Local Business

SAIC Motor Corp., China’s largest state-owned automaker, has agreed to offer 35% of its India business to the local partner JSW Group, as the Chinese company ventures into the world’s third-largest auto market.

Shanghai-traded SAIC said it has signed a strategic partnership agreement with JSW Group in London. Under the agreement, the Indian steelmaker will acquire a 35% stake in MG Motor India through a new share issuance, SAIC said in a Thursday filing, adding that the deal is pending approvals from the local government.