Dec 02, 2023 06:57 AM

BUSINESS

SAIC Forges Partnership with Indian Steelmaker for Local Business

By An Limin and Han Wei

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SAIC entered the Indian market in 2017 with a 3.3 billion yuan ($484 million at that time) investment to acquire General Motors’ factory in Halol

SAIC entered the Indian market in 2017 with a 3.3 billion yuan ($484 million at that time) investment to acquire General Motors’ factory in Halol

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.

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