MG India to dilute shareholding; set up 2nd assembly plant
MG has lined up 4 to 5 new models for the Indian market, mostly EVs.
MG Motor India has announced its 5-year plan, which includes setting up a second manufacturing unit and 4 to 5 new models. The carmaker has also confirmed its plans to dilute shareholding.
As part of the next phase of expansion, MG plans to boost annual production capacity to 3,00,000 units by setting up a second plant in Gujarat. The new facility will also include a battery assembly unit.
The carmaker will enhance local sourcing and manufacturing across its operations by 2028. It plans to explore cell manufacturing and clean hydrogen-cell technology through owned or third-party facilities.
MG has lined up 4 to 5 new models for the Indian market. These are mostly EVs. The company expects EVs to make up 65-75% of its sales by 2028.
Over the next 2-4 years, MG plans to increase Indian shareholding in the company. It plans to invest more than Rs 5,000 crore and have a total workforce of 20,000 by 2028.
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