JSW MG Motors Looks To Recreate: “Maruti Movement”
By: Geetanjali
On Wednesday 20, 2024, the $110 billion dollar Chinese car manufacturer SAIC which owns and operates (Morris Garage) MG Motors and $ 23 billion Indian steel giant JSW Group signed a joint venture (JV): JSW MG Motors India Pvt Ltd. in a joint event. This new merger is looking forward to utilising their potential in car manufacturing, in the Indian and global market.
JSW Group & SAIC Motor(@MGMotorIn) embark on new a Joint Venture – “JSW MG Motor India Pvt. Ltd” ushering in a new era of mobility in the country. The collaboration will capitalize on the significant opportunities emerging in the fast-evolving Indian automotive sector.
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— JSW Group (@TheJSWGroup) March 20, 2024
We are thrilled to announce a groundbreaking partnership between MG Motor India and @TheJSWGroup! This collaboration marks the beginning of an era filled with innovation, new possibilities, and a tech-enabled future. Stay tuned for the incredible journey ahead! #MGxJSW pic.twitter.com/vamOtzzCMK
— Morris Garages India (@MGMotorIn) March 20, 2024
With the initial investment of Rs.5,000 crore. The collective share of JSW MG Motors India will be 51% out of which JWS group will get 35% of share holding, Indian Financial Investors to get 8% of the stakes, 5% by MG Motors employees, and 3% is with dealers. The remaining 49% will be owned by Chinese colgamete SAIC.
The JSW MG Motors joint venture commits to bring, best of the world technology, best manufacturing environment, increased employment opportunities, innovative business operations, focus on manufacturing sustainable products, and a customer centric policy.
Sajjan Jindal Chairman and MD, JSW Group said “ it’s his dream to recreate the magnificent Maruti Movement, like 40 years back when Maruti launched its sales in India, changing the auto industry by bringing state-of-the-art cars. So, I believe MG can create the same change and create New Energy Vehicles (NEVs)”.
JSW MG Motors plans to launch its first model by September, followed by a new model every three to six months.
Apart from the JSW MG Motors JV, JSW Group is also investing Rs 40,000 crore separately in the automotive industry, is looking forward to establishing factories of commercial vehicles, batteries and other components in Odisha.
Parth Jindal, Member of Steering Committee OF JSW MG Motors India said, “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.
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.
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. We are grateful that SAIC chose to partner with us and can’t wait to get going.”
One can watch the highlights from the JSW group and MG Motors partnership event from the below given link.
