Mukesh Ambani‘s Reliance Industries is in the running to buy a stake in the Indian car business of automaker MG Motor.
China’s SAIC Motor, which owns the UK-based company known for its sports cars and mini cars, has reportedly been looking to dilute its majority stake in the India business.
What Happened: Reliance is among a small group of suitors vying for a piece of MG Motor’s Indian operations, Times of India reported, citing sources. The others in the fray include Hero Group, Premji Invest, and JSW Group.
MG Motor aims to close a deal by the end of the year and talks are currently at an “advanced” stage, one source told the daily.
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MG Motor India has previously said that it plans to offer a majority stake to local partners and investors over the next two to four years. The firm plans to raise around ₹5,000 crore in capital to fund its expansion in the country.
Despite being India’s largest conglomerate, Reliance has little exposure to the automobile industry, which is mostly populated by established manufacturers.
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