SAIC Motor and the JSW Group have announced a strategic Joint Venture (JV) with the aim of accelerating the growth and transformation of MG Motor in India. SAIC Motor, with a presence in over 100 countries, and JSW Group, with diversified businesses and revenues of US$ 23 billion, will collaborate to create synergies in the automotive and new technology sectors.
The Shareholder Agreement and Share Purchase & Share Subscription agreement were formalised by SAIC Motor's President Wang Xiaoqiu and JSW Group’s Parth Jindal at the MG Office in London.
As per the agreement, JSW will hold a 35% stake in the Indian JV operations. SAIC Motor will contribute advanced technology and products to support the venture in delivering innovative and sustainable mobility solutions to the Indian market.
President Wang Xiaoqiu highlighted SAIC's commitment to a 'win-win cooperation' approach, aiming to improve core capabilities, expand production and sales, and bring innovation to the growing Indian automotive market. The collaboration seeks to create greener and smarter mobility products and services.
Parth Jindal of JSW Group expressed excitement about the strategic collaboration, emphasising the focus on green mobility solutions. The JV plans to introduce technology-enabled futuristic automobile products, including intelligent connected New Energy Vehicles (NEVs) and Internal Combustion Engine (ICE) vehicles. The partners will concentrate on localising initiatives to yield synergies through economies of scale.
The joint venture positions itself as a key player in the development of the Electric Vehicle (EV) ecosystem, aspiring to lead in this space. SAIC and JSW Group aim to build one of India's largest automobile companies, combining SAIC's global expertise with JSW's extensive presence in both B2B and B2C sectors.
The collaboration aligns with SAIC's rich automotive experience and technical prowess, emphasising MG's principles of globalisation, digitalisation, rejuvenation, and a youthful attitude. The SAIC-JSW partnership aspires to create a smart and sustainable automotive ecosystem in India, prioritising Carbon Neutrality, Sustainability, and Green Mobility. Both partners are committed to sustained investments in the Indian market for long-term and sustainable growth.