NEW DELHI : MG Motor India, which is owned by China's SAIC Motor, plans to raise funds to develop its Indian electric mobility business, three sources told Reuters, as Chinese investments face increased scrutiny by the government in New Delhi.
"Everyone is buying into the EV story because it gives investors an ESG bet, and MG is trying to pitch itself as an EV play," the first source told Reuters. It also said it already has a wide portfolio of new energy vehicles , which include electric, hybrid and fuel cell cars, which MG can choose from to sell in India.
India's EV market is dominated by domestic carmaker Tata Motors, which raised $1 billion from TPG last year for its EV business.
Source: News Formal (newsformal.com)
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