The sleuths of Income Tax department conducted a search operation at the corporate office of MG Motors in Gurugram on Friday night.
The IT department sources said they have recovered a few incriminating documents during the search operation. The company officials are yet to respond to media.
MG Motors (Morris Garages), a renowned British brand, was taken over by Chinese company, Shanghai Automotive Industry Corporation (SAIC Motor Corp). The brand launched its first car in India in 2019.
As part of the Centre’s "Make In India" mission, MG Motor has invested Rs 3,500 crore in the Indian market. The manufacturer is apparently exploring for other sources of funding as it continues to wait for licences for foreign direct investments.
MG currently has five models on sale in India; the Astor compact SUV, ZS EV (electric sibling of the Astor), Hector compact SUV, Hector Plus 3-row SUV, and the Gloster 3-row SUV.
As per a report in the Car & Bike, since inception, MG has sold over 1,30,000 units in India, and the company has a target to sell 56,000 units in 2022. MG is also aiming to increase manufacturing volumes two-fold next year, to 1,00,000 units. Apart from that, MG is gearing up to unveil the facelifted Hector soon, and it plans to bring a micro EV named MG Air EV to the Indian market as well.
(With Agency Inputs)