Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Manufacturing/  SAIC’s MG Motor India to invest Rs5,000 crore in next six years
BackBack

SAIC’s MG Motor India to invest Rs5,000 crore in next six years

SAIC Motors' unit MG Motor India will launch its first product in the Indian market by the second quarter of 2019 and will subsequently launch one product every year till 2021

MG Motor has also started inviting prospective dealers to its roadshows scheduled to be held in Mumbai, Delhi and Bengaluru. Photo: BloombergPremium
MG Motor has also started inviting prospective dealers to its roadshows scheduled to be held in Mumbai, Delhi and Bengaluru. Photo: Bloomberg

MG Motor India, a subsidiary of Chinese automobile manufacturer SAIC Motors, on Monday announced its decision to invest Rs5,000 crore over the next six years in the Indian market.

The company will launch its first product in the Indian market by the second quarter of 2019 and will subsequently launch one product every year till 2021.

The Chinese manufacturer will also venture into developing electric vehicles in India since it already boasts of the requisite technology.

MG Motor has also started inviting prospective dealers to its roadshows scheduled to be held in Mumbai on 28 March, in Delhi on 6 April and in Bengaluru on 16 April.

“Led by strong R&D efforts of its parent company SAIC, MG Motor India is also actively considering offering new energy vehicles and is keenly looking to work with all stakeholders involved to implement the technology commercially," the company said in a press release.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Mar 2018, 04:03 PM IST
Next Story footLogo
Recommended For You
Manufacturing Stocks
₹557.550.52%
ITC
₹4280.13%
₹2,987.85-0.37%
₹152.852%
Switch to the Mint app for fast and personalized news - Get App