'One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space,' says JSW Group’s Parth Jindal
According to the agreement, JSW will hold 35 percent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.
SAIC already has a presence in India through its fully owned unit MG Motor India but has struggled to grow its presence in the country after Chinese investments faced increased scrutiny from New Delhi. JSW will take a 35% stake in the new Indian joint venture, the companies said.
JSW Group’s stake purchase in the Chinese EV major MG Motor India to likely help it grow its capacity to 300,000 units a year by adding a new plant in Gujarat.
Earlier in November, the MCA, through its registrar of companies (RoC), summoned the company s directors and its auditor Deloitte to provide clarification on specific audit irregularities discovered during the inquiry.