GM Increases Stake In Indian Joint Venture
General Motors has increased their stake in the Indian joint venture that they have with Shanghai Automotive Industry Corporation (SAIC) from 50% to 93%. GM bought an additional 43% from SAIC at an undisclosed amount.
The joint venture is known as General Motors India. The company started as an equal joint venture between SAIC and GM in late 2009.
Through the joint venture, GM had announced plans to sell cars under the SAIC platform including 3 light commercial vehicles (LCVs) to gain market share in the growing Indian car market.
GM India will export vehicles to other markets in South America and South East Asia.
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