American automobile manufacturer General Motors (GM) has bought 43 percent share in General Motors India (GMI), its joint venture in India with the Shanghai Automotive Industry Corporation Group (SAIC). The automaker now holds 93 percent stake in its Indian subsidiary.
Mr. Lowell C Paddock President and Managing Director General Motors India commented on the increase in stake and stated it to be a reflection of the automaker’s confidence in the long term potential in the Indian car market.
General Motors India was formerly a 50-50 joint venture between GM and the Chinese automaker SAIC. The company has plans to launch a series of car models in India which are based on the platforms developed by SAIC. The Sail hatchback will be the first to be launched in the series of planned car launches in the month of November 2012 followed by the Enjoy multi-purpose vehicle in December 2012.