JSW Group and SAIC Form Joint Venture In India For Green Mobility By CIOTechOutlook Team

JSW Group and SAIC Form Joint Venture In India For Green Mobility

CIOTechOutlook Team | Friday, 01 December 2023, 06:50 IST

JSW Group, an Indian conglomerate, and China's SAIC Motor announced a joint venture in India with a focus on green mobility and the development of the electric car ecosystem. According to the firms, JSW would own 35% of the new Indian joint venture.

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, as per economic times.

According to the firms, the new joint venture with JSW would also help the expansion of SAIC's MG in India by increasing locally sourced auto components, expanding production capacity, and extending its charging infrastructure.

Both partners "shall work closely" to create greener and smarter mobility products and services and achieve "greater success for MG in India", Wang Xiaoqiu, President of SAIC said in the statement.

MG wants to invest around $650 million in India in 2019. JSW Group is a Mumbai-based Indian multinational company. It is part of the O.P. Jindal Group and is led by Sajjan Jindal. Steel, energy, infrastructure, cement, and paints are among the numerous activities of the firm, which operates in India, the United States, South America, and Africa.

SAIC Motor Corp., Ltd is a Chinese state-owned automobile manufacturer headquartered in Anting, Shanghai. Founded in 1955,[4] it is currently the largest of the "Big Four" state-owned car manufacturers of China, namely: SAIC Motor, FAW Group, Dongfeng Motor Corporation, and Changan Automobile, with car sales of 5.37 million, 3.50 million, 3.28 million and 2.30 million in 2021 respectively.