MG Motors' India unit in talks to raise $600-M

MG Motor India, the Indian subsidiary of Chinese car maker Shanghai Automotive, is in talks with PE firms to raise $300-600 million locally to kick off its next phase of expansion. The "MG Hector" brand car manufacturer plans to increase its manufacturing capacity and doubling the product portfolio to 10 models with a big focus on electric vehicles and deep localisation. It has appointed a UK-based consulting firm to help raise funds.