Chinese automaker SAIC on Monday denied reports that it is likely to lose majority control over its subsidiary MG Motor India, saying it strictly abides by the relevant laws and regulations of the countries in which it operates its overseas business and therefore has maintained its ownership. The announcement comes as Indian conglomerate JSW Group is reportedly looking to buy 45-48% of MG Motor India, with dealers and Indian employees owning 5-8% and current owner SAIC potentially becoming a minority shareholder. State-owned SAIC took over an abandoned manufacturing plant for $310 million from General Motors in India in 2017, and began locally producing MG-branded cars in the western state of Gujarat two years later. Sales of MG Motor India grew 47.6% year-on-year to 27,094 units from January to May. [Caixin, in Chinese]
