SAIC Motor has joined forces with the JSW Group, a leading Indian conglomerate with diversified businesses generating USD 23 billion in revenues. The aim of this collaboration is to promote green mobility in India.
This strategic Joint Venture, marked by the signing of the Shareholder Agreement and Share Purchase and Share Subscription agreement at MG UK Headquarters in London, is poised to accelerate the transformation and growth of MG Motor in India.
By signing the agreements, Parth Jindal of JSW Group and Wang Xiaoqiu, President of SAIC, reaffirmed their commitment to promoting synergies in the automotive and new technology sectors. With a focus on green transportation, the partnership intends to increase local sourcing, improve charging infrastructure, increase production capacity, and provide a wider range of automobiles.
Per the agreement terms, JSW Group will hold a substantial 35% stake in the Indian JV operations. SAIC, in turn, pledges to provide ongoing support with advanced technology and products, envisioning extraordinary mobility solutions with a steadfast focus on the Indian consumer.
Wang Xiaoqiu, SAIC Motor’s President, said, “The automotive business operates on a global scale, and, akin to other industries, access and collaboration are paramount for healthy growth.” He highlighted SAIC’s commitment to a ‘win-win cooperation’ approach, emphasizing continuous improvement of core capabilities, production, and sales expansion in the burgeoning Indian automotive market.
The objective of the strategic partnership, according to Parth Jindal of JSW Group, is to restructure MG Motor operations in India with an emphasis on green mobility. The joint company aims to launch innovative automobile products enabled by technology, with a focus on intelligently linked ICE and NEV automobiles. The focus will be on localization activities, which will provide excellent customer service and economically advantageous synergies.
The creation of the EV ecosystem will be a major goal of this collaboration, with the goal of becoming a leader in this field. Both parties expressed thanks for the partnership and said they looked forward to using SAIC’s worldwide reach with the rich heritage of the MG brand to create one of India’s biggest automakers.
The joint venture intends to take use of JSW Group’s significant presence in both the B2B and B2C sectors of the Indian economy in order to maximize SAIC Motor’s vast automotive experience and technical know-how. The common goal is to establish a smart and sustainable automobile ecosystem in India with a focus on green mobility, sustainability, and carbon neutrality. With an eye towards sustainable expansion, SAIC and JSW Group are dedicated to making long-term investments in the Indian market.
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