SAIC Motor and the JSW Group have entered into a strategic joint venture. The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu, and JSW Group’s Parth Jindal at the MG Office in London, with the objective of accelerating the transformation and growth of MG Motor in India.
- Joint venture to expand MG Motor India's presence
- JSW will hold 35 percent in the Indian joint venture
- Both NEVs and ICE vehicles to be introduced
SAIC Motor and the JSW Group are said to create strategic synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
According to the agreement signed, JSW will hold a 35 percent share in the Indian JV operation. SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions with a focus on the Indian consumer.
The joint venture is said to optimise SAIC Motor’s automotive experience and technical expertise to demonstrate MG’s spiritual cores – globalisation, digitalisation, rejuvenation, and young attitude. It will also leverage the large presence of the JSW Group across B2B and B2C sectors of the Indian economy to augment local sourcing and establish a robust supply chain.
Together, SAIC and the JSW Group will work towards creating a smart and sustainable automotive ecosystem in India by bolstering the development of NEVs (a four-wheeled EV that has a maximum speed greater than 32kph, but not more than 40kph) and ICE vehicles with carbon neutrality, sustainability and green mobility at the centre of its shared vision.
Also see:
SAIC announces global partnership with Audi to develop EVs
MG ZS EV price dropped by up to Rs 2.30 lakh