JSW Group to own 35% stake in JV with SAIC Motor
The joint venture with MG Motor India’s Chinese parent will enable JSW Group to enter the electric vehicle segment
New Delhi: JSW Group on Thursday said it would own 35% in a newly created joint venture (JV) with SAIC Motor Corp. Ltd (which owns MG Motor India) that would focus on electric vehicles (EVs), with a plan to turn majority shareholder in two years. JSW executives said the rest of the ownership of the JV has not been decided yet, but the JV would help transform MG Motor’s operations in India as well. A JSW Group spokesperson did not comment on the value of the 35% stake.