MG Motor India announced on Wednesday that it intends to provide majority ownership to local partners over the next 2-4 years as part of a five-year business plan for the nation.
MG Motor is a British automaker that is now owned by China’s largest automaker, SAIC Motor Corp.
The automaker, which has set aside Rs 5,000 crore to expand operations in the country by 2028, has been looking for money to fuel its next phase of growth for some time.
So far, the company’s ambitions to attract more finance to the country from its Chinese parent have been unsuccessful.
According to industry sources, the manufacturer has been waiting for government approval for about two years and has thus been exploring for other ways to acquire funds.
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