By JSW Group has officially acquired a 35% stake in MG Motor India through a strategic joint venture with SAIC Motor. The collaboration aims to propel the transformation and expansion of MG Motor in the Indian market as they have been trying to get fresh investments for some time now. The Shareholder Agreement and Share Purchase & Share Subscription agreement were formalized by SAIC Motor’s President, Wang Xiaoqiu, and JSW Group’s Parth Jindal at the MG Office in London.
The joint venture sets out to establish strategic synergies by leveraging the combined resources of SAIC Motor and the JSW Group in the domains of automobiles and new technology. In addition to holding a substantial 35% share in the Indian joint venture, JSW Group’s involvement will extend to various initiatives, including local sourcing, enhancing charging infrastructure, expanding production capacity, and introducing a diverse range of vehicles with a particular emphasis on green mobility.
The agreement underscores JSW’s commitment to the joint venture, positioning it as a pivotal player in the transformation of MG Motor’s operations in India. Meanwhile, SAIC Motor will continue to support by providing advanced technology and products geared towards delivering innovative mobility solutions tailored to the Indian consumer. The collaborative efforts of SAIC Motor and the JSW Group are anticipated to optimize SAIC Motor’s automotive experience and technical expertise.
This optimization is geared towards showcasing MG’s core values of globalization, digitalization, rejuvenation, and a youthful attitude. Moreover, the joint venture plans to harness the expansive presence of the JSW Group across both B2B and B2C sectors in the Indian economy to fortify local sourcing and establish a robust supply chain. The overarching vision of this strategic partnership is to create a smart and sustainable automotive ecosystem in India. This involves a concerted focus on developing both New Energy Vehicles (NEVs) and Internal Combustion Engine (ICE) vehicles with a commitment to carbon neutrality, sustainability, and green mobility.
