KATHMANDU: Chinese automaker SAIC Motor is set to sell an additional 10 percent stake in JSW MG Motor India to the JSW Group, according to a Reuters report.
Once the transaction is completed, JSW Group will become the largest shareholder in JSW MG Motor India. The move comes as SAIC continues to face challenges in bringing fresh investment into India following New Delhi’s tighter scrutiny of investments from neighboring countries.
In 2024, JSW Group acquired a 35 percent stake in the company in a deal that valued JSW MG Motor India at around $1.2 billion.
Reuters reported that SAIC plans to reinvest approximately $63 million in the company to support the launch of new models, including extended-range electric vehicles and hybrid vehicles.
JSW MG Motor India is also preparing a broader investment plan of around $418 million. The company aims to introduce several new products and increase its annual production capacity to 300,000 units.
In Nepal, India-manufactured MG vehicles from JSW MG Motor India are officially imported and distributed by G.O. Automobiles.
Neither SAIC, JSW Group nor JSW MG Motor India has officially confirmed the reported stake sale. According to reports, discussions are ongoing and details could change.
