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Exclusive: MG Motor India set to bring private equity fund to its captable
VCCircle
ยท
1y ago
Medial
MG Motor India is reportedly planning to bring a private equity fund on board as a new investor. The move comes as MG Motor's parent company, SAIC Motor, seeks to divest its stake in the Indian automaker. SAIC Motor, which is China's largest automaker and the tenth largest globally in terms of revenues, recently partnered with JSW Group to facilitate the divestment process. Details about the private equity firm and the terms of the investment have not been disclosed yet.
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Info Edge Gets CCI Nod For 8% Stake Buyout In MG Motor India
Inc42
ยท
1y ago
Medial
Chinese automotive manufacturer SAIC Motor-owned MG Motor India has been actively operating in the Indian electric vehicle market. The company recently entered into a joint venture with JSW Group to produce electric and internal combustion engine cars. Info Edge India Fund has received approval from the Competition Commission of India to acquire an 8% stake in MG Motor India. This acquisition will grant Info Edge India Fund 8.70% of the voting and economic rights. MG Motor India has also ventured into the metaverse with its MGverse platform and partnered with Tata Power to install superfast chargers for electric vehicles at select MG dealerships.
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MG Motor India signs pact with Vertelo to deliver 3,000 EVs
Money Control
ยท
1y ago
Medial
MG Motor India has signed a memorandum of understanding with integrated fleet electrification platform Vertelo to deliver 3,000 electric vehicles (EVs) in a phased manner. The partnership aims to provide sustainable mobility solutions and establish a robust EV charging infrastructure in India. Vertelo, a fleet electrification platform backed by Macquarie Asset Management and the Green Climate Fund, plans to purchase around 3,000 electric cars from MG Motor India to accelerate fleet electrification and achieve net-zero emissions. MG Motor India's current EV lineup includes the Comet and ZS EV.
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JSW Group, MG Motor India to roll-out first model under new JV
Thehindubusinessline
ยท
1y ago
Medial
MG Motor India, in a joint venture with JSW Group, is set to launch its MG5 sedan in India on March 20. The event will also mark JSW Group's acquisition of a 38% stake in MG Motor India, as well as an announcement about future investments in the automobile venture. While SUVs dominate the Indian market, MG's decision to introduce a sedan reflects a unique approach. The MG5 offers style, comfort, and practicality, aiming to appeal to buyers seeking a well-equipped car with a dynamic driving experience.
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JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030
VCCircle
ยท
1y ago
Medial
The joint venture between JSW Group and MG Motor aims to sell one million electric vehicles in India by 2030. The companies plan to enter the premium passenger vehicle segment. MG Motor already has two electric car offerings in India. This announcement comes after India lowered import taxes on certain electric vehicles, encouraging carmakers to invest and manufacture domestically. This move benefits Tesla, which plans to enter the Indian market. Electric cars currently represent about 2% of total car sales in India, but the government has set a target of 30% by 2030.
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MG Motor to assemble batteries at Halol plant
Thehindubusinessline
ยท
1y ago
Medial
MG Motor India is considering the assembly of batteries for electric vehicles at its Halol manufacturing plant. The company is also exploring the possibility of battery cell manufacturing with third parties. Additionally, MG Motor India plans to expand its Halol plant in response to increasing demand. Last year, the company announced a โน5,000 crore investment for plant expansion and hiring. The company aims to establish a second manufacturing unit in Gujarat, increase its overall production output, and further strengthen its position in the electric vehicle market.
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ล koda Kylaq, Maruti Suzuki Dzire, Mahindra XEV 9e & BE 6e to fire up car market this month
Money Control
ยท
9m ago
Medial
Skoda Auto India is set to launch its subcompact SUV, the Kylaq, on November 6, while Maruti Suzuki will unveil the latest version of its Dzire sedan on November 11. Honda Cars India is planning to release the third-generation Amaze by the end of the month, while Mahindra and Mahindra will introduce two electric brands, XEV and BE, on November 26. JSW MG Motor India will give a mid-cycle refresh to its MG Gloster SUV, and Hyundai is expected to do the same for its Tucson premium SUV. Mercedes-Benz India will launch the high-performance hybrid sedan, the Mercedes-AMG C 63 S E Performance, on November 12.
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Exclusive: Fairfax set to monetise six-year-old India bet with modest returns
VCCircle
ยท
1y ago
Medial
Fairfax India, a private equity investment firm, is reportedly planning to monetize its investment in an Indian company that it backed in 2018. The firm recently completed an exit from another portfolio company. The deal is expected to bring in only modest returns for Fairfax India. (Word count: 35)
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MG Motor India sales decline 23% in March
Thehindubusinessline
ยท
1y ago
Medial
MG Motor India reported a 23% decline in retail sales for March, selling 4,648 units compared to 6,051 units in the same month last year. The automaker did not provide figures for the entire fiscal year but mentioned a 14% YoY growth in sales for FY 2023-24 over FY 2022-23. MG Motor India expects a positive uptick in sales in the coming months despite the moderation in overall automobile industry growth.
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CPPIB finally scores a multi-bagger in fourth big India exit this year
VCCircle
ยท
9m ago
Medial
CPPIB, the largest public pension fund in Canada, has achieved its fourth successful exit from an Indian investment this year. This exit is expected to bring CPPIB's total earnings from Indian portfolio to over $1 billion. The fund has been scaling back its private equity investments in India in recent years.
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MG Motor Windsor EV: All you need to know about the battery subscription plan
Money Control
ยท
10m ago
Medial
JSW MG Motor India is launching a Battery-as-a-Service (BaaS) offering, allowing customers to pay for battery usage separately from the initial vehicle cost. The cost starts at โน3.5 per km, excluding charging cost. There are no additional charges except for a nominal charging cost of around Rs1 per km. The program also offers easy exit options through financiers. Additionally, JSW MG Motor India is introducing a 3-60 assured buyback plan, ensuring the Windsor model retains 60% of its value after 3 years/45,000kms. Battery rentals include both interest and principal components.
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