Reliance to May Enter in Electric Vehicle Market Soon Can Buy Stakes in MG Motors India

SAIC-owned MG Motors seeks to sell a majority stake in its Indian car business. MG Motors is a sister company of SAIC Motor of China, with its manufacturing plants in Halol Gujarat.

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Many companies with major Chinese stakes are facing obstructions with the Government of India in relation to various factors.

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This could be in the form of approvals for fresh investments, sourcing of spare parts from China, duties and taxes, etc.

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An automaker plans to raise Rs 5,000 crores in capital over 2-4 years for growth in India. It will offer a majority stake to local investors, including Reliance Industries, Hero Group, Premji Invest, and JSW Group.

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The company has announced that it will launch four to five new all-electric models in the next five years and wants to achieve 65 to 75 percent of revenue from its EV portfolio in the future.

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