Chinese automaker SAIC Motor Corp Ltd introduces Indian steel giant JSW Group as a strategic investor in its Indian subsidiary MG Motor India, with JSW Group paying 26% equity transfer fees for 26.

SAIC Motor Corp Ltd, a Chinese automaker, introduces Indian steel giant JSW Group as a strategic investor in its Indian subsidiary, MG Motor India. JSW Group pays 26% equity transfer fees totaling 26.5 billion Indian rupees (about $429 million) to the company. After the transaction, SAIC retains 49% of MG Motor India's shares and a higher proportion of voting rights. SAIC aims to increase its net profit by 5-7 billion yuan (about $691-$968 million) and plans to boost the MG brand's market share in India.