General Motors increases stake in Indian venture
October 17 , 2012
General Motors (GM) has bought back most of the 50-percent stake in its Indian operations that it had sold to Chinese partner SAIC Motor.
On Tuesday, GM raised its stake to 93 percent, according to the firm’s India Vice President, P. Balendran.
GM said the deal highlighted its confidence in the Indian market.
"Looking to the future, we will continue to actively collaborate with SAIC on product opportunities that support our aggressive growth plans in India," GM spokesman Klaus-Peter Martin said in an email statement.
Last month, the U.S. automaker began production in India of the Chevrolet Sail in a bid to boost sales in a market where foreign companies have struggled to make a mark in the past.