Discussions underway for launching affordable EV; Group eyes stake in MG Motor India
JSW Group’s promoter entities are engaged in discussions with various Chinese electric car manufacturers to introduce an electric vehicle (EV) in India priced between Rs 15-20 lakh, as reported by Business Standard.
In addition, the group is actively considering investing in MG Motor India, a subsidiary of China’s leading automaker Shanghai Automotive (SAIC), which holds a substantial stake in the company.
Sources suggest that Sajjan Jindal, the Chairman and Managing Director of JSW Group, is poised to acquire a majority share in MG Motor India, potentially between 45 to 48 percent, thereby transforming the automaker into an Indian entity. This acquisition is anticipated to be predominantly owned by Indian dealers and employees, with SAIC retaining the remaining shares. In an exclusive conversation with CNBC-TV18, Sajjan Jindal confirmed the group’s keen interest in entering the EV market, expressing a preference for MG Motor as a potential partner.
Nonetheless, Jindal indicated that they are simultaneously working on developing their own line of EV cars. The JSW Group’s endeavors in the EV sector align with their commitment to advancing sustainable mobility and technology in India.