JSW gets 35% in JV with SAIC Motor

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.

- Naman Suri, Mihir Mishra

The shareholder agreement and share purchase and share subscription agreement were signed by Wang Xiaoqiu, president of China-based SAIC Motor, and JSW Group’s Parth Jindal at the MG Office in London, the companies said in a joint statement released on Thursday.

“According to the agreement signed, JSW will hold 35% in the Indian JV operations. SAIC will continue supporting the JV with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer," the statement said, without going into the specifics of the remaining ownership.

This partnership will give the JSW Group its much-desired entry into the EV space.