SAIC to Sell 10 Percent Stake in Indian Venture to JSW
China's SAIC Motor will sell a further 10 percent stake in its Indian carmaking venture to local partner JSW Group. The deal will make JSW the largest shareholder with a 45 percent stake and follows ongoing investment curbs that have limited SAIC's ability to expand operations in the country.
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SAIC Motor Corp LTD-A will sell a 10% stake in its Indian venture JSW Group, making the local partner the largest shareholder. The deal follows China's struggles to expand in India due to investment curbs that limited SAIC's original 100% ownership. Increased local control allows the venture to bypass regulatory hurdles and double production capacity to 300,000 units annually.
