JSW at Wheel in MG JV, Looks to Up Stake as SAIC Takes Backseat
plans to raise its stake in
JSW MG Motor India
, its car manufacturing
joint venture
with
SAIC Motor
. The Chinese company has decided against committing further capital to India, instead prioritising investments at home and in Europe.
Parth Jindal, director of
JSW
MG, told ET the group would become the single largest shareholder in the maker of Astor and Hector SUVs. Currently, JSW MG is a 51:49 joint venture, with JSW owning 35%, Indian financial institutions 8%, MG Motor India dealers 3%, and JSW MG Motor India employees 5%. The remaining 49% is with SAIC, which will continue to extend technology and brand support, he added.
Alongside, the Sajjan Jindal-led group has finalised two separate licensing pacts—one each for electric passenger and
commercial vehicles
—with Chinese automakers, as it pushes ahead with its ambition of emerging as a full-spectrum
electric mobility
company.
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