According to media reports citing two informed sources, SAIC Motor Corporation Limited (SAIC) plans to sell an additional 10% stake in its Indian automotive joint venture, JSW MG Motor, to its local partner, the JSW Group.
Upon completion of the transaction, JSW's shareholding will increase to 45%, making it the largest shareholder in the venture.
The reports indicate that SAIC intends to reinvest approximately 6 billion Indian rupees from this deal back into JSW MG Motor to fund the launch of new vehicle models.
SAIC, the JSW Group, and JSW MG Motor have not responded to media requests for comment.
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