JSW to buy 35% in MG Motor India as China's SAIC looks to dilute stake

JSW to buy 35% in MG Motor India as China's SAIC looks to dilute stake

FILE PHOTO: President and Managing Director of MG Motor India Private Limited Rajeev Chaba and Chief Commercial Officer MG Motor India Gaurav Gupta pose with MG EHS, Plug-in Hybrid and MG4 pure electric vehicle at the Auto Expo 2023 in Greater Noida, India, January 11, 2023. REUTERS/Anushree Fadnavis/File Photo

Indian conglomerate JSW group will take a 35% holding in SAIC-owned MG Motor India, the companies said on Thursday, as the Chinese automaker seeks to dilute its stake in its Indian entity.