MG Motor India revealed its 5-year plan earlier this week, which calls for the construction of a second manufacturing facility. The automaker also announced that it will reduce its ownership position in the business.
Recently, rumors have surfaced that claim Reliance and the Hero Group may be vying for control of MG Motor India. The company is reportedly in discussions for share sales with JSW Group and Premji Invest.
Media reports state that MG wants to seal the purchase by the end of this year. According to reports, the dilution and takeover will happen in stages.
The goal of MG is to increase output to 3 lakh units. The automaker has also planned 4-5 new models, most of which will be electric vehicles, for the Indian market. For the past two years, MG had been attempting to raise money from its parent company, SAIC. The approval process for new investments has become more difficult for businesses with connections to China since the border flare-up.
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