Baosteel Group Corp and Shanghai Automotive Industry Corp agreed to take a 35-percent stake each in Nanjing Motor Group Tooling Co (NTC) as they aim to restructure the former Nanjing Automobile (Group) Corp unit.
The deal, signed yesterday and which will boost investment in NTC, underscores the further ties between China's leading steel maker and auto manufacturer, Baosteel said.
Dong Hua Company, a venture between SAIC and Yuejin Auto Group, will take the remaining 30 percent.
SAIC in December agreed with Yuejin, parent of Nanjing Auto, to merge with Nanjing Auto.
(Shanghai Daily February 29, 2008)
