MG Motor India plans to sell its majority stake to an Indian company. So far, companies like Reliance, JSW, Hero, and Premji have entered the race.
MG Motor is owned by the Chinese auto giant SAIC. It has managed to make a significant impact in the Indian auto sector. The Chinese-British brand plans to sell its majority stake to an Indian company or high-net-worth individuals. It hopes to close the deal before the end of this year. Recent reports claim that Reliance Industries, Hero Group, Premji Invest, and JSW Group are in “advanced negotiations” with MG Motor.
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MG Motor in Advanced Stages of Discussion with Indian Companies
Rajeev Chaba (MG Motor India, CEO) recently stated that the company wants to “Indianise operation” by diluting the majority stake. “We intend to Indianise shareholding, the company’s board, management, and supply chain in the next two-four years,” he added. The company is open to considering financial institutions and high-net-worth individuals partners in the country.
Recent reports claim that MG Motor is now having discussions with interested Indian companies. It wants to close a deal by the end of this year as the company needs funds to further increase its operations in India and expand its production in the near future. The Chinese-British brand wants to raise around Rs 5000 crore for its growth and expansion. However, the MG management only wants to proceed with a credible partner without compromising on valuations.
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MG Motor India
Recently, the company launched the Comet EV in the country. The fully electric hatchback comes with a price tag of Rs 7.98 lakh. It is being touted as the most affordable electric car in the Indian market. The MG Comet EV is powered by a 17.3 kWh battery pack that offers a claimed range of 230 km. The electric motor on the EV outputs 42 PS of maximum power and 110 Nm of peak torque. The electric car comes with a 3.3 kW charger. It can be fully charged at home in about 7 hours.
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MG has a manufacturing facility in Halol, Gujarat that produces around 1.2 lakh units annually. The company hopes to construct a second plant in Halol and reach the production capacity to make 3 lakh units annually. It also plans to develop cell production and hydrogen fuel-cell technologies in India through partnerships or third parties. MG Motor’s EV portfolio accounts for 65–75% of all sales in India. The company hopes to bring 4-5 new models in the Indian market.
