MG Motor India is in talks with several potential investors, including Reliance, Hero Group, JSW Group, and Premji Invest, for equity sales and a possible majority stake acquisition. The carmaker is said to be looking to finalize the deal by the end of this year in a phased manner.
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Boost production
The move comes as MG Motor India aims to boost its production capacity to 3 lakh units and launch 4-5 new models for the Indian market, most of which will be EVs.
However, raising funds from its parent company SAIC has been challenging due to increasing hurdles for companies with Chinese links in getting approvals for fresh investments since the Indo-China border flare-up.
Expand operation
It remains to be seen who will acquire a majority stake in MG Motor India. Still, the company wants to expand its operations and capitalize on the growing demand for EVs in the Indian market.
Source: TOI
