General Motors to sell half of India unit to Shanghai Auto

Hong Kong: General Motors has reached an agreement with Shanghai Automotive Industry Corporation (SAIC) for setting up a 50-50 joint venture that will take over GM's Indian assets. GM will also sell a 1% stake in the existing equal JV with SAIC in China.

This will be in exchange for cash and an increased stake in a second, three-way Chinese venture (SAIC-GM-Wuling Automobile, where SAIC has 50.1%, GM 34% and the city of Liuzhou holds the rest), people with a knowledge of the deal said. source: http://www.dnaindia.com