Chinese Owner SAIC To Slowly Reduce Stake To Below 40%

With Indian authorities tightening the screws on Chinese-owned businesses in the country, auto major SAIC has decided to offload part of its stake in MG Motors India to a Sajjan Jindal-owned company. After months of negotiations, reports say a deal is around the corner, and could be announced in the next few weeks. The deal, reportedly, also involves MG Motors India going public – a move which could see the Sajjan Jindal-owned company becoming a majority shareholder.