(Image source from: Zeebiz.com)

MG Motor India is in advanced discussions with Mukesh Ambani’s Reliance Industries, Hero Group, Premji Invest and JSW Group to dilute their major stake in India's car business. MG is planning to close the deal by the end of this year as the company is in need of funds to start its next phase of expansion. The motor company is planning to establish its second manufacturing plant worth Rs 5000Cr in Gujarat in the coming 2 to 4 years. MG Motor India is planning to expand their company in hydrogen fuel cell technology via a joint venture by which the company is going to expand their workforce by 20,000 direct and indirect by 2028.

MG has got approval from the government to raise funds from its parent company and also to raise Indian funds. Ambani is currently investing in many new ventures and as part of it, he also showing interest to buy MG, the motor giant. The negotiations are on with the British car brand owned by the Chinese company SAIC. They are planning for Indian investments because of the Indo-China tensions and the new restrictions. So the local partner can ease the regulations. MG has sold 48,000 units in 2022 and plans to double the sale this year.