MG
Motor India, the local subsidiary of the Chinese-owned passenger
vehicle major, has to plan to transform its business by 2028 amid Indian
government’s onslaught on investments from the neighbouring country.
After securing one per cent share of India’s passenger four-wheeler
market in 2023, the company now has to bring in local owners to
‘Indianise’ the business.
The Chinese owners of the company has
to divest its majority stake to Indian partners within 2-4 years. For
the same, it has already started scouting for buyers among Indian
investors, including institutions, its local business partners and HNIs.
“We will finalise the new investors-cum-owners of MG Motor India, who
together would own more than 50 per cent of the company within FY24,"
Rajeev Chaba, CEO Emeritus, MG Motor India told the media today. The aim
is to ‘Indianise’ the company that will, in turn, help it raise funds
for the next phase of expansion through expansion in its production
capacity.
Last year the Ministry of Corporate Affairs (MCA) had
sent a notice to MG Motor India on certain alleged irregularities in its
books. It had asked the company's directors and its auditor Deloitte to
explain certain alleged audit deficiencies that had been discovered
during the course of the probe.
Since then, MG has been in talks
to several Indian investors like Sajjan Jindal-led JSW Group to sell
close to a 15 per cent stake. MG Motor is owned by SAIC Motor
Corporation (formerly Shanghai Automotive Industry Corporation) - a
Chinese state-owned automobile manufacturer headquartered in Anting,
Shanghai.
Anonymous
PS. The solution is so simple. Just give everything to the Indians. Treat it as doing charity, donate everything, help India to create employment by employing Indians to fill every position in the company. Then go home. Forget about everything and pretend everything is fine, the company is still yours and in the long run you will make money.
India is a great country to invest. Come one and come all. Just empty your pockets. India will be very pleased. Suckers are born everyday. But the suckers will not admit they are suckers when all their money and investments are stuck in India and never hope of getting it back.
India will say, thank you suckers.
6 comments:
What if they are not suckers but simply pro-India because they themselves are same origin, using OPM money?
With so much money involved, the people playing with OPM may strike a deal with the Indians and they split the spoils.
'Will India Surpass China to Become the Next Superpower?: Four inconvenient truths make this scenario unlikely.'
'First, analysts have been wrong about India’s rise in the past. In the 1990s, analysts trumpeted a growing, youthful Indian population that would drive economic liberalization to create an “economic miracle.” One of the United States’ most thoughtful India analysts, journalist Fareed Zakaria, noted in a recent column in the Washington Post that he found himself caught up in the second wave of this euphoria in 2006, when the World Economic Forum in Davos heralded India as the “world’s fastest-growing free market democracy” and the then-Indian trade minister said that India’s economy would shortly surpass China’s. Although India’s economy did grow, Zakaria points out that these predictions didn’t come true.'
'Second, despite India’s extraordinary growth over the past two years—when India joined the club of the world’s five largest economies—India’s economy has remained much smaller than China’s. In the early 2000s, China’s manufacturing, exports, and GDP were about two to three times larger than India’s. Now, China’s economy is about five times larger, with a GDP of $17.7 trillion versus India’s GDP of $3.2 trillion.'
'Third, India has been falling behind in the race to develop science and technology to power economic growth. China graduates nearly twice as many STEM students as India. China spends 2 percent of its GDP on research and development, while India spends 0.7 percent. Four of the world’s 20 biggest tech companies by revenue are Chinese; none are based in India. China produces over half of the world’s 5G infrastructure, India just 1 percent. TikTok and similar apps created in China are now global leaders, but India has yet to create a tech product that has gone global. When it comes to producing artificial intelligence (AI), China is the only global rival to the United States. China’s SenseTime AI model recently beat OpenAI’s GPT-4 on key technical performance measures; India has no entry in this race. China holds 65 percent of the world’s AI patents, compared with India’s 3 percent. China’s AI firms have received $95 billion in private investment from 2013 through 2022 versus India’s $7 billion. And top-tier AI researchers hail primarily from China, the United States, and Europe, while India lags behind.'
'Fourth, when assessing a nation’s power, what matters more than the number of its citizens is the quality of its workforce. China’s workforce is more productive than India’s. The international community has rightly celebrated China’s “anti-poverty miracle” that has essentially eliminated abject poverty. In contrast, India continues to have high levels of poverty and malnutrition. In 1980, 90 percent of China’s 1 billion citizens had incomes below the World Bank’s threshold for abject poverty. Today, that number is approximately zero. Yet more than 10 percent of India’s population of 1.4 billion continue to live below the World Bank extreme poverty line of $2.15 per day. Meanwhile, 16.3 percent of India’s population was undernourished in 2019-21, compared with less than 2.5 percent of China’s population, according to the most recent United Nations State of Food Security and Nutrition in the World report. India also has one of the worst rates of child malnutrition in the world.'
Link to article:
https://foreignpolicy.com/2023/06/24/india-china-biden-modi-summit-great-power-competition-economic-growth/
India, Australia, Singapore . . . .
DBS Bank India has appointed Rajat Verma as managing director and head of institutional banking, the lender said in a statement on Monday.
Rajat, who was formerly with HSBC as the MD and country head of Commercial Banking, India, will be succeeding Niraj Mittal, as head of institutional banking. Mittal will be taking up a new role as country head of DBS Bank in Australia .
Rajat will lead the growth of the institutional banking franchise for DBS Bank in India given the significantly expanded footprint of the lender. DBS Bank India said that Rajat's appointment strengthens its leadership team and commitment to grow institutional banking business.
Meanwhile, Singapore's biggest bank is also trying to expand DBS franchise in Australia, with the appointment of Mittal. The former head of institutional banking for India will also look to improve linkages with South-East Asia and South Asia.
With so many Indian talents in DBS, DBS is saved from the no talent Singaporeans.
One of these top Indians, not sure if they are new citizens, would likely be the next CEO of DBS. No talent Singaporeans would not be good enough, not given the opportunity to prove themselves, not exposed and not trained for the CEO jobs.
Maybe all decided oredy.
During Goh Keng Swee's time, he would throw the Singaporeans into the deep end to learn and prove themselves. Singaporeans need the training and exposure or else how to be CEOs?
Now Singapore financial centre has no Singaporeans good enough to be top bankers. Need to bring in third world talents to take over. This is progress to the third world.
Is Lee Kuan Yew turning in his urn?
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