JSW-MG Motor deal likely in 2 months

The conglomerate aims for EV debut by next year

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NEW DELHI: JSW Group may announce the purchase of a stake in MG Motor India as early as two months if the negotiations progress successfully, and the first JSW electric car could roll out from a factory as early as next year, two people familiar with the development said.

The deal, which is likely to value MG Motor India at $1.2-1.5 billion, involves the initial purchase of a minority stake by JSW Group, with a firm plan to secure a majority stake in the automaker over time.

"If the deal is finalized, most likely by Diwali, the plan is to launch the first car in early 2024," one of the two people said on condition of anonymity.

The person added that the group is parallelly working on a Plan B to partner with a foreign company, most probably a Chinese one, to launch its product in India if the talks with MG Motor fail.