JSW Group Promoters Eye Electric Car Launch in India, Explore MG Motor Stake

31 Aug 2023 , 12:16 PM

Promoter entities of JSW Group are reportedly in discussions with Chinese electric car manufacturers to introduce an electric car in the Rs 15-20 lakh price range in the Indian market. The initiative aims to tap into the growing demand for electric vehicles in India.

JSW Group is also said to be in the running to acquire a stake in MG Motor India, a subsidiary of China’s SAIC Motor. Sajjan Jindal, Chairman and Managing Director of JSW Group, is reported to be considering ownership of a substantial stake in MG Motor India, with plans to acquire between 45 and 48 %.

This strategic acquisition could potentially transform MG Motor India into an Indian entity, with Jindal owning the majority stake. Dealers and Indian employees might collectively possess around 5-8 %, while the parent company, SAIC, would retain the remaining portion.

Jindal discussed these prospects in an exclusive interview with CNBC-TV18, hinting at JSW Group’s interest in MG Motor India. However, he acknowledged uncertainties around the deal and remained cautious about confirming it at this stage.

JSW Group has demonstrated its commitment to the electric vehicle sector since earlier this year. The conglomerate has been actively exploring the electric vehicle manufacturing segment, considering both collaboration with established brands like MG and developing their own EV models.

Sajjan Jindal emphasized the group’s keenness to enter the electric vehicle market, highlighting MG as a favored choice. He noted that parallel efforts are being made to independently develop their electric vehicle offerings.

These developments align with the global trend towards electrification in the automotive industry and reflect JSW Group’s strategic efforts to diversify its portfolio.

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