China's SAIC Motor to cut stake in Indian JV – report [Yahoo! Finance]
SUZUKI MOTOR CO UNSP/ADR (SZKMY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The reduction in stake by SAIC follows India's 2020 regulatory changes that curtailed investments from neighbouring countries, which was largely interpreted as a counter to Chinese capital inflows. A border conflict in the same year escalated tensions between the two nations. Despite diplomatic dialogues aimed at improving bilateral relations, there has been minimal indication of progress in the commercial sphere. SAIC's partnership with the JSW Group in India was intended to bolster its presence and navigate the regulatory landscape. Nonetheless, the collaboration has not met the anticipated objectives. According to a source, SAIC is not withdrawing from the Indian market but is looking to significantly reduce its stake in the JV, JSW MG Motor, while continuing to provide technological support and products. Negotiations between SAIC and JSW over the sale of the Chinese firm's stake are ongoing, with disagreements over valuation. JSW has expressed interest in becoming t
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