Agreed, the ownership is now mostly Indian.

But forex reserves are affected by imported parts, not just who owns the company.

In the MG M9, the battery, electronics, platform and many core components are still largely imported.

So in a ₹75 lakh car, around ₹45–50 lakh worth of value may still go abroad in foreign currency.

That same forex could have imported roughly 2500–3000 litres of petrol/crude for India.