Mumbai, Mar 20 (ANI): Sajjan Jindal, JSW, Chairman, Parth Sajjan Jindal,Member of Steering Committee of JSW MG Motor India and Rajeev Chaba, CEO Emeritus of MG Motor India, JSW and MG Motors three way partnership unveil the Cyberster, an all-electric convertible roadster in India, Worli in Mumbai on Wednesday. (ANI Photo)
| Photo Credit: ANI
Chinese auto major SAIC Motor has divested a 51% stake in its subsidiary MG Motor India to Indian investors led by the metal to paints conglomerate JSW Group.
JSW Group Chairman Sajjan Jindal on Wednesday introduced the three way partnership with SAIC making the group’s entry into the car house.
The JV firm is called JSW MG Motor India Private Ltd. and JSW group has picked up a 35% stake. Other investors embrace Indian monetary establishments with 8% stake, the workers of MG India with 5% and MG India’s sellers with a 3% stake.
Rajeev Chaba, CEO Emeritus, MG Motor India mentioned that the investors will put in greater than ₹5,000 crore into the corporate and the capital can be deployed for capability growth from 1 lakh models every year to three lakh models amongst others.
Sajjan Jindal, Chairman, JSW Group mentioned making vehicles was his childhood ardour. “I built my first car when I was 12 and was going around the factory. The idea of making cars in India remained in my head and when we learnt that MG India is looking for a partner we grabbed it.”
He mentioned because the firm needed to make New Energy Vehicles (NEV) it determined to companion with SAIC, which has the NEV know-how and MG which is a 100 years outdated British model.
Stating that the JSW would disrupt the Indian automotive sector, Mr. Jindal mentioned that the JSW MG three way partnership will come out with a brand new automotive each 3 to six months.
While the main target can be on NEVs, the entity will proceed to provide ICE autos. To start with emphasis can be supplied on plug-in hybrid autos, he mentioned including the corporate could have premium autos in its portfolio as nicely.
“We believe in scale and we will disrupt the market. In this year two new vehicles will be introduced. We will do deep localization and we want to create a Maruti moment in NEVs segment,” he mentioned referring to the car revolution ushered in by Maruti Udyog in the 80s pushing Ambassador and Fiat to oblivion.
The new three way partnership with its present plant in Halol, Gujarat will capitalise on the numerous alternatives rising in the fast-evolving Indian automotive sector.
The JV firm can be headed by a md who can be from the JSW group. The title is but to be introduced. The board will report back to the steering committee and the board illustration is but to be introduced.
Parth Jindal, Member of Steering Committee of JSW MG Motor India mentioned, “The JSW MG Motor India joint venture is a momentous joint venture. It is the coming together of two giants in SAIC and JSW.”
“By leveraging the legacy of a world renowned British brand, cutting edge MG technology and JSW’s local manufacturing knowledge and acumen, I have no doubt that JSW MG will make world leading products in India for India and the world,” he mentioned.
“It is our goal to be the leading auto OEM in the NEV segment in India and we will be working tirelessly to bring the best available technology into India so that we can give the Indian consumer what they truly want which is world class cars at affordable prices,” he added.
“MG India 1.0 has had a very good 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and successful,” he additional mentioned.
Rajeev Chaba, CEO Emeritus of MG Motor India, mentioned, “In JSW Group, we have found an ideal local partner to continue the growth story of the MG brand in India.”
“In less than five years, Team MG India has established a rock-solid foundation–a testament to our commitment to innovation, diversity, community service and robust customer care. Today, we are among the fastest-growing OEMs in the country,” he mentioned.
“This foundation empowers us to embark on a new chapter, MG 2.0, and the joint venture marks a pivotal step in this journey. We will offer a range of vehicles from ICE to NEVs, staying focused on building a robust and sustainable EV ecosystem in India,” he added.
“We are firmly committed to expanding our manufacturing footprint with extensive localization by leveraging JSW Group’s extensive knowledge and expertise in manufacturing at scale,” he additional mentioned.
JSW MG Motor India will concentrate on strengthening its analysis, growth, and technical prowess by setting up an R&D centre to cater to the totally different decisions of automotive patrons. The new R&D centre will develop linked, new-age and native mobility options, giving car clients higher entry to superior applied sciences and futuristic merchandise with enticing worth propositions.
By 2030, the corporate goals to take management place in the NEV class with an in depth product portfolio comprising New Energy Vehicles.
JSW Group’s ₹40,000 crore funding plan in Odisha is unbiased of this three way partnership. Going ahead, the JV firm might set up a producing base in Odisha the place JSW would set up a battery manufacturing unit and models for manufacturing electrical industrial autos.
