China’s SAIC Motor and the JSW Group have formed a strategic joint venture, with JSW Group holding a 35% stake in MG Motor India.
MG Motor UK Limited (MG Motor) is an automotive company owned by SAIC Motor UK and based in London. SAIC Motor is a Chinese state-owned automaker headquartered in Shanghai.
“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. The objective is to accelerate the transformation and growth of MG Motor in India. SAIC Motor and JSW Group will leverage their resources in the automotive and new technology sectors to create strategic synergies. The joint venture will also focus on initiatives such as increasing local sourcing, enhancing charging infrastructure, expanding production capacity, and introducing a wider range of vehicles with a focus on green mobility,” stated JSW Group in a Thursday statement.
According to Wang Xiaoqiu, President of SAIC Motor, “The automobile business is a global industry, and access and collaboration are vital for its healthy growth. SAIC has always embraced a ‘win-win cooperation’ approach, improving our core capabilities and expanding our production and sales scale. In the growing Indian automotive market, both partners will work closely to bring the best of innovation, greener and smarter mobility products and services, and seize market opportunities, expanding the brand influence and market share of our products to achieve greater success for MG in India.”
JSW Group’s Parth Jindal added, “Our strategic collaboration with SAIC Motor aims to grow and transform MG Motor operations in India, with a focus on green mobility solutions. The joint venture will bring world-class technology-enabled futuristic automobile products, including the new generation of intelligent connected NEVs and ICE vehicles. The JV will also prioritize broader localization initiatives to achieve financial synergies through economies of scale and provide the highest level of customer service to Indian consumers. The development of the EV ecosystem and taking a leadership position in this space will be key areas of focus for the joint venture. We are grateful to SAIC and MG Motor for choosing JSW as their partner and look forward to building one of India’s largest automobile companies together.
“The rich history of the MG brand speaks for itself, and it is truly an honor to take this brand and company forward alongside a strong global partner like SAIC. We are excited to get started.”
“The joint venture will leverage SAIC Motor’s extensive automotive experience and technical expertise to showcase MG’s core values. It will also utilize the wide presence of JSW Group across the B2B and B2C sectors of the Indian economy to enhance local sourcing and establish a robust supply chain.
“SAIC and JSW Group will work together to create a smart and sustainable automotive ecosystem in India by promoting the development of NEVs and ICEs with a focus on carbon neutrality, sustainability, and green mobility. Both JV partners are committed to investing in the Indian market and aiming for sustainable growth,” said JSW Group.
