Over the next two to four years, SAIC Motor of China intends to reduce its ownership of MG Motor India, allowing Indian companies to acquire the majority. The dilution and takeover will happen in stages, and MG Motor hopes to complete the transaction by the end of 2023. MG Motor is now looking to domestic entities to raise capital for its expansion strategy after waiting two years for government approval to raise funds from parent SAIC. Chinese automotive giant is in advanced talks with investors for an equity sale and will permit Indian entities to acquire the majority. Interested parties include Reliance, Hero Group, Premji Invest, and JSW Group.
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