MG Motor India in talks with PE firms for EV push

MG Motor India, which is owned by China's SAIC Motor Corporation, plans to raise funds to develop its Indian electric mobility business, as Chinese investments face increased scrutiny by the Indian government. It may try to sell a stake of 10-30% and is looking at options including issuing new shares or diluting SAIC's holding. The company may create a separate unit for its electric vehicle (EV) business in India. It is talking to private equity funds which are increasingly interested in investing in the EV market.