General Motors raises stake in Indian joint venture

General Motors Co has raised its stake in its Indian joint venture with China's SAIC Motor Corp to 93 percent as the U.S. automaker ramps up its presence in a fast-growing market for cars.

October 17, 2012 / 09:29 IST

General Motors Co has raised its stake in its Indian joint venture with China's SAIC Motor Corp to 93 percent as the US automaker ramps up its presence in a fast-growing market for cars.

GM, which sold a 50 percent stake in its Indian business to SAIC in 2009, purchased the additional 43 pct stake for an undisclosed amount, local media reported on Tuesday.

P Balendran, GM India vice president, told Reuters the reports were correct but declined to provide details.

GM will release its first SAIC-designed car in India this month.

first published: Oct 17, 2012 08:02 am

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