CHENNAI: After SAIC (which owns MG), Sajjan Jindal’s metal-to-paints conglomerate JSW Group is in talks with a number of auto majors for extra electric car. joint venturesAccording to sources with direct data of the matter, among the many OEMs that JSW is in talks with is Chinese auto main GeelyJSW, say sources, is betting aggressively on the Indian EV business and is in launching a number of EV lineups together with passenger and business automobiles. “Eventually JSW is also looking to launch its own EV lineup,” mentioned a prime auto govt near SAIC. When contacted, the corporate spokesperson mentioned “JSW will not comment on the story”. When contacted MG India officers refused to remark.
Auto business sources nevertheless say the principle cause for JSW taking a look at different auto partnerships has to do with its aggressive ambitions in the auto sector. “The SAIC-JSW partnership is not exclusive which means JSW is free to seek more partnerships depending upon the vehicle segments it wants to have a presence in,” mentioned the highest auto govt. The indisputable fact that SAIC didn’t supply JSW majority stake in MG is also a sticking level, he mentioned.
Currently, JSW Group owns 35% stake in the corporate whereas non-public fairness fund Everstone Capital has 8% stake and one other 8% is owned by MG sellers and workers. SAIC holds the remaining 49%. The joint venture between JSW and SAIC – JSW MG Motor India – was shaped in 2023. There have been studies about JSW rising its stake to 51% in the run as much as itemizing JSW MG Motor India however the firm has not confirmed the information. JSW have been in the information for potential partnership discussions for some time now. Last yr, JSW was in superior negotiations with Ford however the talks finally didn’t work out. There have additionally been studies of JSW being in discussions with VW. The firm has not commented on these studies.
