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BMW plans to take control of China joint venture

AFP  |  Beijing 

announced Thursday a plan to take control of its joint-venture, the first to take advantage of Beijing's new ownership rules for the sector.

will acquire a further 25 per cent stake in the venture with Automotive for 3.6 billion euros (USD 4.2 billion), the company said, bringing its stake to 75 per cent by 2022.

Foreign automakers have long been restricted to holding no more than a 50 per cent stake in their operations, but decided to relax the ownership caps this year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 12:15 IST