SAIC’s MG Motor India to bring in new investors, JSW set to buy 35% stake

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China’s SAIC Motor Corp Ltd said its unit MG Motor India Pvt Ltd plans to introduce investors including JSW Ventures Singapore Pte Ltd, through an equity transfer and by increasing share capital.


As part of the deal, JSW Ventures, a unit of JSW International Tradecorp Pte Ltd，will buy an aggregate 35 per cent stake in MG Motor India for a total of Rs 3,577 crore ($429.4 million).


“As MG Motor India aims to continue to increase MG brand’s market share in India and effectively prevent operating risks, the unit plans to introduce local Indian investors to create more favorable conditions for sustainable and healthy development,” SAIC said in statement late on Sunday.


IndoEdge India Fund will buy 8 per cent of MG Motor India for Rs 818 crore, a dealer trust will take a 3 per cent stake for Rs 307 crore, while an employee stock ownership plan will take 5 per cent stake for Rs 511 crore.

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First Published: Apr 08 2024 | 7:54 AM IST