- JSW will hold 35 per cent of the JV operations
- MG and SAIC will continue supporting the joint venture with technology and products
SAIC Motor, the parent brand of MG Motor India, and JSW Group have officially entered into a Joint Venture (JV). As per the agreement, JSW will hold a 35 per cent stake in the Indian JV operations. SAIC will continue supporting the joint venture with technology and products to deliver mobility solutions for the Indian consumer.
According to the companies, the joint venture will undertake multiple new initiatives, including augmenting local sourcing, improving charging infrastructure, expanding production capacity, and introducing a broader range of vehicles with a focus on green mobility.
The joint venture aims to optimise SAIC Motor’s automotive experience and technical expertise. It is also said to leverage the presence of JSW Group across B2B and B2C sectors of the Indian economy to augment local sourcing and establish a robust supply chain.
Speaking on the occasion, Wang Xiaoqiu, President, SAIC Motor, 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. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India.'
