China’s SAIC Motor to cut stake in JSW MG Motor India
TDT | agencies
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China’s SAIC Motor is set to reduce its 49% stake in JSW MG Motor India and suspend further investments, according to reports.
The move follows Indian government curbs on Chinese investments introduced after the 2020 border standoff. Despite a meeting last month between Prime Minister Narendra Modi and Chinese President Xi Jinping on the sidelines of the SCO summit, signs of a thaw in business relations remain limited.
The joint venture with JSW was originally aimed at easing regulatory challenges and funding SAIC’s largest production hub outside China. However, the partnership has struggled to deliver as expected.
SAIC will now dilute its holding significantly but said it will continue supplying technology and products to support the venture.
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