Global Automotive has learned that MG India, a subsidiary of SAIC, has made new progress in introducing strategic investors.
On the afternoon of April 7, SAIC announced that it had recently received 26.
5 billion rupees of equity transfer from Indian steel giant JSW Group.
In order to seize the opportunity of the rapid development of the Indian market, continue to increase the market share of the MG brand, and effectively guard against operational risks, SAIC MG India introduced local Indian investors such as JSW by means of equity transfer and capital increase last year.
In addition, JSW, investment funds, dealer trusts and employee stock ownership plans will jointly inject 25.
6 billion rupees into MG India.
SAIC Group, SAIC said that SAIC will retain a 49% stake in MG India and a higher proportion of voting rights after the completion of the premium transfer and capital increase.
SAIC (600104) is expected to increase its net profit by 5 billion-7 billion yuan.
According to the data, MG India was founded in 2017 and is wholly owned by SAIC with a paid-up capital of 29.
2 billion rupees.
This time, it has received 26.
5 billion rupees paid by JSW for the purchase of 26% equity in MG India, recovering most of the investment.
Photo: SAIC, MG India’s first model went on sale in June 2019, with sales of 16528 vehicles that year.
Last year, sales jumped to 62010, ranking eighth in the Indian market, with new energy vehicles ranking second in the market.
SAIC currently offers products and services in more than 100 countries and regions around the world, including the Indian market, and its overseas operations are profitable on a large scale.
Last year, SAIC sold 1.
208 million vehicles overseas.
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