MG Motor India plans to dilute majority stakes to local partners
May 10, 2023, 14:49 IST
MG Motor India on Wednesday said it plans to offer majority stakes to local partners over the next 2-4 years as part of a five-year business roadmap in the country. MG Motor is a British brand which is currently owned by China's largest automaker SAIC Motor Corp.
The automaker, which has lined up Rs 5,000 crore to expand operations in the country by 2028, has been looking to raise capital for sometime now to fund its next phase of growth.
The company's plans to bring in more capital to the country from its Chinese parent have not been successful so far.
As per industry sources, the automaker has been waiting for government approval for around two years now and has therefore started looking for other options to raise capital.
Elaborating on its roadmap, the company said it has plans to set up its second manufacturing plant in the country, taking its installed capacity to 3 lakh units per annum and roll out new products for the domestic market, including electric vehicles, as part of its five-year business roadmap in the country.
The company currently rolls out products from its manufacturing plant in Halol, Gujarat, which it had acquired from General Motors.
The Halol plant can produce up to 1.2 lakh units per year.
The automaker said it aims to launch 4-5 new cars in the country, with a focus on EVs.
The company expects its EV portfolio to contribute up to 65-75 per cent of total sales in India, it noted.
The automaker said it is also exploring setting up cell manufacturing and hydrogen fuel-cell technology through joint ventures or third-party manufacturing.
"The company's unwavering dedication to India is deeply ingrained in our ethos. As we pave the way for our next phase of sustainable growth, we have outlined a clear roadmap and vision for 2028. Our growth strategy is centred around strengthening localisation, aligning more closely with the government's 'make in India' initiative while innovatively augmenting our promise consistently, and diligently meeting the evolving needs of the market," MG Motor India CEO Emeritus Rajeev Chaba stated.
He further said that the automaker is committed to making a positive impact on society.
Chaba also highlighted the company's focus on promoting gender diversity.
The company said it aims to train 1,00,000 students under its 'MG Nurture' programme. The students will be trained in EV, ADAS and connected car technologies.
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The automaker, which has lined up Rs 5,000 crore to expand operations in the country by 2028, has been looking to raise capital for sometime now to fund its next phase of growth.
The company's plans to bring in more capital to the country from its Chinese parent have not been successful so far.
As per industry sources, the automaker has been waiting for government approval for around two years now and has therefore started looking for other options to raise capital.
Elaborating on its roadmap, the company said it has plans to set up its second manufacturing plant in the country, taking its installed capacity to 3 lakh units per annum and roll out new products for the domestic market, including electric vehicles, as part of its five-year business roadmap in the country.
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The Halol plant can produce up to 1.2 lakh units per year.
The automaker said it aims to launch 4-5 new cars in the country, with a focus on EVs.
The company expects its EV portfolio to contribute up to 65-75 per cent of total sales in India, it noted.
The automaker said it is also exploring setting up cell manufacturing and hydrogen fuel-cell technology through joint ventures or third-party manufacturing.
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With expansion plans in place, the automaker aims to have a total workforce of 20,000 by 2028. "The company's unwavering dedication to India is deeply ingrained in our ethos. As we pave the way for our next phase of sustainable growth, we have outlined a clear roadmap and vision for 2028. Our growth strategy is centred around strengthening localisation, aligning more closely with the government's 'make in India' initiative while innovatively augmenting our promise consistently, and diligently meeting the evolving needs of the market," MG Motor India CEO Emeritus Rajeev Chaba stated.
He further said that the automaker is committed to making a positive impact on society.
Chaba also highlighted the company's focus on promoting gender diversity.
The company said it aims to train 1,00,000 students under its 'MG Nurture' programme. The students will be trained in EV, ADAS and connected car technologies.
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MG Motor India sells models like Hector, Astor, Gloster and ZS EVs in the market. It recently introduced a small EV, Comet, in the domestic market.SEE ALSO:
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