With JSW on board, say people privy with the developments, the EV maker may finally focus on its growth plans that its management had drawn over the past year or so
As per the agreement reached between the two companies, JSW Group will acquire 35% stake in SAICs Indian subsidiary MG Motor India for an undisclosed amount. The Chinese auto major will continue supporting the joint venture with advanced technology and products to deliver mobility solutions to the Indian consumer.
The much-awaited deal between SAIC Motor and JSW Group has happened paving way for broader range of vehicles with a focus on green mobility
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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.
Mg Motors: The broad agreement, to be implemented in several phases, says a private company of Jindal will initially own 32-35% of MG Motor India in the first phase, with SAIC owning 51%. An Indian financial institution will own around 8% equity, while Indian dealers of MG and its local employees will own 6-7%.