Apr 09, 2024 04:36 AM
BUSINESS
SAIC Sells 51% of India Business to Local Investors
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SAIC entered the Indian market in 2017 with a 3.3 billion-yuan investment to acquire General Motors’ factory in Halol and formed MG Motor India
SAIC Motor Corp. Ltd., China’s largest automaker, said its India business unit will receive a $624 million injection from local investors led by Indian steelmaker JSW Group in a deal to drive the Chinese company further into the world’s third largest car market.
As part of the deal, JSW will acquire a 26% stake in MG Motor India Pvt. Ltd. from a SAIC unit for 26.5 billion rupees ($307 million). The Indian company and other investors will plough an additional 25.6 billion rupees into MG Motor India, according to a filing by SAIC (600104.SH).
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