According to the broad contours agreed upon so far, Jindal is likely to own 45-48% of MG Motor India, with dealers and Indian employees owning 5-8%. SAIC will hold the rest, said multiple sources aware of ongoing discussions. The plan will lead to a minimum 51% of the equity being in Indian hands, with the Chinese becoming a minority partner with a maximum 49%.
A fully-owned subsidiary of China’s SAIC Motor, MG Motor India has announced it will dilute its shares and set up a new plant in Gujarat, with an eye on firming up its long-term plans.
The company is expecting a major investment from an Indian partner this year, Rajeev Chaba, CEO emeritus, MG Motor India, said at a round table to discuss the company’s plans
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