SAIC Motor, a prominent global Fortune 500 company boasting approximately USD 110 billion in annual revenues and a global presence spanning over 100 countries, has joined forces with the JSW Group, a leading Indian conglomerate with diversified businesses generating USD 23 billion in revenues.
This strategic Joint Venture, marked by the signing of the Shareholder Agreement and Share Purchase and Share Subscription agreement at MG UK Headquarters in London, is poised to accelerate the transformation and growth of MG Motor in India.
The President of SAIC, Wang Xiaoqiu, and JSW Group’s Parth Jindal inked the agreements, solidifying their commitment to fostering synergies in the automotive and new technology sectors. The collaboration aims to bolster local sourcing, enhance charging infrastructure, expand production capacity, and introduce a broader spectrum of vehicles, placing a significant emphasis on green mobility.
Per the agreement terms, JSW Group will hold a substantial 35% stake in the Indian JV operations. SAIC, in turn, pledges to provide ongoing support with advanced technology and products, envisioning extraordinary mobility solutions with a steadfast focus on the Indian consumer.
Wang Xiaoqiu, SAIC Motor’s President, expressed, “The automotive business operates on a global scale, and, akin to other industries, access and collaboration are paramount for healthy growth.” He highlighted SAIC’s commitment to a ‘win-win cooperation’ approach, emphasizing continuous improvement of core capabilities, production, and sales expansion in the burgeoning Indian automotive market.
Parth Jindal of JSW Group emphasized the strategic collaboration’s goal to transform MG Motor operations in India with a green mobility focus. The joint venture aspires to introduce cutting-edge technology-enabled automobile products, emphasizing intelligent connected NEVs and ICE vehicles. Localisation initiatives will be a focal point, fostering economically advantageous synergies and delivering top-tier customer service.
A significant focus of this partnership will be the development of the EV ecosystem, aiming for a leadership position in this space. Both partners expressed gratitude for the collaboration and anticipate building one of India’s largest automobile companies, combining the rich history of the MG brand with SAIC’s global strength.
The joint venture plans to optimize SAIC Motor’s extensive automotive experience and technical expertise while leveraging JSW Group’s substantial presence in both B2B and B2C sectors of the Indian economy. The shared vision revolves around creating a smart and sustainable automotive ecosystem in India, prioritizing Carbon Neutrality, Sustainability, and Green Mobility. SAIC and JSW Group are committed to long-term investments in the Indian market, aspiring towards sustainable growth.
