MG Motor India, owned by Shanghai-headquartered SAIC Motor, plans to divest a majority stake to Indian entities ahead of a future stock exchange listing, the company’s top executive said, as it works to “Indianize" its operations.
The company is expecting a major investment from an Indian partner this year, Rajeev Chaba, CEO emeritus, MG Motor India, said at a round table to discuss the company’s plans. It will also create a roadmap to list on Indian stock exchanges in the next five years.
“We are going to Indianize our operations. We plan to dilute our shareholding and the majority, more than 50% share, will be owned by Indians in the next two-three years... we will Indianize the shareholding, the board, management and supply chain—everything. We need to look at our own team to start with. We have been strengthening our team over the last 6-7 months", Chaba said.
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