Mahindra & Mahindra, Hinduja join race to buy MG Motor India stake

SAIC Motor-owned firm seeks EoIs, but no binding offers yet

Automobile major Mahindra & Mahindra (M&M) and the Hinduja group, promoter of Ashok Leyland, have joined the race to acquire a significant stake in MG Motor India, a wholly owned arm of Shanghai-headquartered SAIC Motor, investment banking sources told Business Standard on Wednesday.

The Sajjan Jindal-led JSW group has already evinced interest to take up to 48 per cent stake in MG Motor India. The company's valuation is pegged at over Rs 8,000 crore, the sources said.

MG Motor India, which has about 1 per cent share in the domestic passenger vehicle market, has sought expressions of interest from Indian firms, but