JSW Group and MG Motor India can start a joint venture worth Rs 5,000 crore on March 20, 2024. Approximately Rs 5,000 crore will be invested under this partnership. The aim of the joint venture is to increase its manufacturing and retail footprint in India. JSW Group is a domestic multinational conglomerate while MG Motor India is owned by Chinese automotive manufacturer SAIC Motor. Companies will unveil their roadmap for manufacturing and sales in India.

Additionally, private equity investor Everstone Capital has also acquired a stake in MG Motor’s India operations. Interestingly, MG Motor dealers and company employees may get up to 3-5% stake in the joint venture.

According to the company’s CEO Emeritus Rajeev Chaba, MG Motor India is expected to grow the company in a more aggressive manner after getting JSW Group as an investor. He said that in the first phase of its journey in the country, the company has established the foundation on the basis of technology, customer experience, gender diversity and community service. MG Motor India is now looking towards the next phase of growth.

In November last year, China’s largest automaker SAIC Motor had entered into a joint venture agreement with JSW Group to accelerate the transformation and growth of MG Motor in India. MG Motor is a British brand owned by Shanghai-headquartered SAIC Motor.

JSW Group will have 35 percent stake in the Indian JV operation. According to the agreement, SAIC will continue to support the JV with advanced technology and products to provide mobility solutions focusing on Indian consumers.

In 2022, MG Motor India had announced plans to invest around Rs 4,000 crore on a second manufacturing unit, for which it was in talks with several state governments, including Gujarat, where its first facility is located.