The joint venture deal between JSW and China-based SAIC marks not only JSW's foray into the automobile sector, but is also expected to help accelerate the transformation and growth of MG Motor in India
MG Motor started operations in India in 2019 and has since grown into one of the country’s top ten carmakers, with monthly sales of around 4,000 units.
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India’s fast growing automobile market has a new entrant. And, this time around, it isn’t an upstart flush with venture capital funding or a global automaker looking to foray into one of the world’s fastest-growing automobile markets.
Instead, it’s a four-decade-old conglomerate, one of India’s most recognised, with a business that’s steeped in infrastructure including cement, steel, paints, and energy among others. The Mumbai headquartered JSW, which operates ports and generates power, has forayed into the automobile sector, and more crucially in the electric vehicle segment, with the signing of a joint venture with China-based SAIC.