China’s SAIC signs JV with Sajjan Jindal to expand in India

JSW group will acquire a 35% stake in MG Motor India, a unit of China's SAIC. Jindal had been eyeing the auto industry for several years and chose MG Motor India as the Chinese company faced difficulties due to fund-raising restrictions. Jindal is expected to gain a majority 51% stake over the next few years as MG Motor goes for an IPO and new financial investors enter. The deal will provide Jindal with access to a range of automotive technologies and allow MG Motor to expand in India and pursue acquisitions.

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