The JSW group, led by billionaire Sajjan Jindal, has announced the formation of a strategic joint venture (JV) with China’s SAIC Motor. In this JV, the JSW group will hold a 35% stake, fulfilling the long-held ambition of Jindal. SAIC Motor’s subsidiary, MG Motor India, already offers popular SUVs and electric vehicles in the Indian market.
What Happened? This collaboration will see SAIC continuing to bolster the JV with cutting-edge technology and products, focusing on delivering exceptional mobility solutions tailored to the Indian consumer.
The JV’s goals are ambitious: expanding local sourcing, enhancing charging infrastructure, increasing production capacity, and broadening the vehicle range with an emphasis on green mobility. This initiative aligns with Tesla’s emerging plans in India.
Parth Jindal from JSW group highlights the JV’s commitment to green mobility solutions and a suite of futuristic automobile products, including intelligent connected New Energy Vehicles (NEVs) and Internal Combustion Engine (ICE) vehicles. The partnership aims to lead the development of the EV ecosystem and take a prominent role in this domain.
JSW Group’s Win-Win: The JSW group, which previously planned to produce electric cars under JSW Energy, sees significant potential for new entrants in India’s diverse EV market. MG Motor India has already made substantial investments in the country and plans to expand its dealership network. Entering the Indian market in 2019 with the Hector, MG Motor now offers several models and is looking to enhance its production capabilities to meet growing demand.
Price Action: JSW Group’s share price was 0.11% higher at ₹802.00 shortly after market open on Friday.
Read next: Why Whirlpool Shares Are Nosediving Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.