SHANGHAI, April 7 (Xinhua) -- MG Motor India, a wholly-owned subsidiary of Chinese car manufacturer SAIC Motor, has brought in new strategic investors including Indian steel giant JSW Group, according to SAIC.
JSW Group has paid 26 percent equity transfer fee totaling 26.5 billion Indian rupees (about 429 million U.S. dollars) to the company.
Following the transaction, SAIC will retain 49 percent of MG Motor India's shares and a higher proportion of voting rights. SAIC is expected to increase its net profit by 5 to 7 billion yuan (about 691 to 968 million U.S. dollars).
In addition to the equity transfer, JSW and other parties will jointly inject 25.6 billion Indian rupees into MG Motor India.
SAIC established MG Motor India as a wholly-owned subsidiary in 2017. India's auto market is one of the fastest-growing globally, with passenger car sales exceeding 4 million units for the first time in 2023.
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