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.

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

Chinese Companies facing problems 

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

Chinese Companies facing problems 

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.

Reliance in the EV industry 

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.

MG Motor’s Upcoming Portfolio