Indian automaker Mahindra & Mahindra (MAHM.NS), opens new tab and China’s Shaanxi Automobile Group have agreed to set up a $3 billion joint venture to build a car manufacturing plant in India and are awaiting New Delhi’s approval, sources told Reuters.
A majority stake in the proposed manufacturing venture will be owned by Mahindra, two sources with direct knowledge of the matter told Reuters, and is proposed to be set up in Prime Minister Narendra Modi’s home state of Gujarat.
Source: REUTER
