SAIC Motor, JSW Group automotive JV to see Rs 5,000 cr fund infusion
JSW Group will hold 35 per cent stake in JSW MG Motor India, even as the JV seeks to capitalise on the significant opportunities emerging in the fast-evolving Indian automotive sector.
MUMBAI: SAIC Motor, a global Fortune 500 company with annual revenues of around $ 110 billion and the $ 23 billion JSW Group have announced the business roadmap for their new strategic joint venture - JSW MG Motor India Pvt. Ltd (JSW MG Motor India), ushering in a new era of mobility in the country.
JSW Group will hold 35 per cent stake in JSW MG Motor India, even as the JV seeks to capitalise on the significant opportunities emerging in the fast-evolving Indian automotive sector.
The JV’s potential resides in the fusion of SAIC Motor’s automotive experience and tech expertise with JSW Group’s extensive knowledge and expertise in manufacturing at scale in India. It aims to bring in advanced and futuristic technologies, new-age mobility solutions while enhancing local sourcing by establishing a strong supply chain.
As per Parth Jindal, member of steering committee of JSW MG Motor India, “By leveraging the legacy of a world renowned British brand, cutting edge MG technology and JSW’s local manufacturing knowledge and acumen, I have no doubt that JSW MG will make world leading products in India for India and the world.”
Rajeev Chaba, MG Motor India CEO emeritus, said the two firms would see an infusion of Rs 5,000 crore into the JV, as per agency reports.