PTI
China’s largest automaker SAIC Motor on Thursday inked a joint venture agreement with the JSW Group to accelerate the transformation and growth of MG Motor in India, which has been struggling to raise capital to fund future growth.
As per the shareholder agreement, share purchase and share subscription agreement signed in London, JSW Group will hold a 35 per cent stake in the Indian JV operations.
SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions with a focus on the Indian consumer. The agreement was signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London.
