Focusing on green mobility and EV ecosystem growth, SAIC Motor and JSW Group establish a new joint venture.
SAIC Motor and JSW Group have entered into a joint venture to strengthen and expand MG Motor’s operations in India. The shareholder agreement and share purchase and subscription agreement were signed in London by SAIC Motor President Wang Xiaoqiu and JSW Group’s Parth Jindal.
As part of the arrangement, JSW Group will hold a 35% stake in the Indian joint venture operations. SAIC will continue providing advanced technology and product support, while both companies will collaborate on green mobility initiatives, local sourcing, charging infrastructure, and production expansion.
The partnership comes at a time when India’s automotive industry is seeing accelerated interest in electric and connected vehicles. The joint venture will focus on new energy vehicles (NEVs) and internal combustion engine (ICE) models with an emphasis on sustainability.
Commenting on the development, SAIC Motor President Wang Xiaoqiu said, “”The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the ‘win-win cooperation’ approach while steadily improving our core capabilities and expanding our scale of production and sales.”
Parth Jindal of JSW Group said, “One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space. We would like to thank SAIC and MG Motor for choosing JSW as their partners of choice and look forward to building one of India’s largest automobile companies together. The rich history of the MG brand is known to all and its success in India is there for all to see and it is truly an honour to be able to take this brand and company forward alongside a strong global partner in SAIC. We cannot wait to get going.”
The joint venture will combine SAIC’s automotive expertise with JSW’s domestic presence to build a stronger footprint in India’s auto market.
