Chinese car company plans to up India investment by Rs 1,000 crore
NEW DELHI: Unfazed by the anti-China sentiment, MG Motor has said that it will approach the department for promotion of industry and internal trade (DPIIT) to make fresh investments into India as the Chinese carmaker plans to get in an additional Rs 1,000 crore to launch new models and expand operations.
However, in line with the recent changes in FDI rules, the company — due to its lineage (it’s a sub-brand of Chinese auto major SAIC) — will need to take an approval/clearance from DPIIT to make fresh investments.
“The go nment has full right and responsibility to decide whatever is good for the country. Any go nment has to do what is good for the country. The Indian go nment is doing all the right things,” MG Motor India president and MD Rajeev Chaba told TOI when asked whether the additional permissions were a business irritant.
Asked whether the anti-China sentiment will have an impact on business sentiments, he said “short-term” effects could be there, but it will be growth-oriented business in the medium to long term. “Globally, there are lots of examples where countries have differences, but trade does not get impacted in the medium to long term.”
MG — which is an old British brand that was acquired by SAIC — has already invested Rs 3,000 crore in India (it had taken over GM’s plant), and has a healthy growth trend in the market. It currently sells the Hector premium SUV in India, apart from the ZS electric. Chaba unveiled the company’s new model — the Gloster, which it positions as a luxury SUV.
WE SHOULD STOP THIS COMPANY AS WE DONT NEED CHINESE CHEAP VEHICLES IN INDIA AS WE HAVE GOOD BRANDS HERE ALREADY. THIS BRAND DOESNT FARE IN MOST OF THE WORLD EVEN IN TOP 10 CUSTOMER CHOIES SO WHAT ARE WE TALKING IN INDIA. HOPE PEOPLE THINK TWICE BEFORE BUYING THIS BRAND.
MG motors and other Chinese auto companies should only be allowed in the Indian market if they use 100% of the components from India also all profits generated should be reinvested back in to the Indian business
Boycott MG cars. Avoid setting up to become Chinese sl ves
Let them make it a TRILLION dollar investment, India's money should not and will not be funded to strengthen Enemy. It was the path adopted when Pak was shown the door in terms of cricketing ties etc. The same should be the fate of China and its investment. NO CHINESE money as long as they are an ENEMY nation.
Baycott chines car.t.v.mobile.everything nahi chahiye
Rouf Dhar kashmir
Great chinese cars
M&M and Tata both makes Rough and tough cars suitable for indian conditions.
My friend if the people think that the Chinese car sell overtake indian manf. Than they think wrong.
Becuse its car not a cell phone
Few year ago Chinese bike come india but do nothing become here we need everything heavyduty not simple
Bicot Chinese product sir please
pravas kumar mallick
We welcome new company but with good quality. Thanks
I m waiting for this car company
I'm living in uae I'm owning MG 350 mode economical price with low maintenance low mileage fully automatic
I love m&m and Tata !! TATA ki hexa
good for us .. competition se price mai impact padhega
I believe only indian manufacturer not Chinese
Welcome Chinese car
Hope it will make the competition tough..specially for Maruti..that may cause to lower down the Maruti car prices.. :)
In my view if this Chinese company makes low maintenance car and cost effective then it's going to great for consumers rate cuts will be there
KIDS Mickey Mouse
hate chinees company
I like onely TATA company.
Maruti and Hyundai unbeatable