Mukesh Ambani's Reliance eyes MG Motors to enter automobile market: Report

Almost a century after it was founded, British car brand Morris Garage zoomed into Indian markets under the ownership of China's Shanghai Automotive Industry Corporation (SAIC). With Campa Cola and Sosyo maker Hajoori, Mukesh Ambani's Reliance is making a habit out of acquiring popular homegrown brands.

As it expands its horizons beyond borders, Reliance Industries is reportedly planning to enter the auto market with Morris Garage.

Trying to take on Tata?

One of India's biggest conglomerates, Reliance will join Tata's league, if it outbids other players including Hero, Premji Invest and JSW for MG Motors.

According to an Economic Times report, MG is hoping to seal the deal by the end of the year, although it has called questions about it speculative.

The carmaker hoping to introduce more EVs in its portfolio for India, has been struggling to get approval from the Indian government to raise funds from its Chinese parent.

Shaking off Chinese ownership?

The company has already stated its intentions to Indianise its board, supply chain and other aspects of operation in the next four years.

MG already has the capacity to produce 1.2 lakh vehicles a year at its Gujarat factory, and hopes to raise Rs 5,000 crore for further growth.

With a market share of little more than 1 per cent in India, MG wants EVs to make up around 25 per cent of its sales in India this year.