SAIC Motor and the JSW Group have entered into a strategic joint venture. The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at the MG Office in London with the objective of accelerating the transformation and growth of MG Motor in India.
The joint venture will create strategic synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
JSW Group will hold 35 per cent in the Indian joint venture operations. SACI will provide advanced technology and products to joint venture to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumers.
The joint venture will optimize SAIC Motor’s automotive experience and technical expertise to demonstrate MG’s spiritual cores – globalization, digitalization, rejuvenation, and young attitude. The JV will also focus on improving local sourcing and establish a robust supply chain. The company claims that SAIC and JSW Group will work towards creating a sustainable automotive ecosystem in India by bolstering the development of NEVs and ICEs with Carbon Neutrality, Sustainability and Green Mobility at the centre of its shared vision.
