December 1st 2023.
On Thursday, November 30, the JSW Group entered into a strategic partnership with China's SAIC Motor to acquire a 35 percent stake in MG Motor India. The agreement was signed at MG's Office in London, with the intent of enhancing MG's automotive operations in India.
Under the partnership, SAIC Motor will provide cutting-edge technology and products to the JSW Group in order to provide innovative mobility solutions to Indian consumers. President of SAIC Motor, Wang Xiaoqiu, expressed his enthusiasm for the collaboration: "The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the 'win-win cooperation' approach while steadily improving our core capabilities and expanding our scale of production and sales."
The joint venture will not only provide greener and smarter mobility products, but also improve local sourcing, upgrade charging infrastructure, and expand manufacturing capabilities. Through this collaboration, MG Motor India will be in a position to offer world-class products, including the new generation of intelligent connected NEVs and ICE vehicles.
JSW Group's Parth Jindal was also thrilled to join forces with SAIC Motor: "Our strategic collaboration with SAIC Motor aims to grow and transform the MG Motor operations in India with a focus on green mobility solutions. The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products. The JV’s focus on broader localisation initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer."
This partnership is sure to be a game-changer for both SAIC Motor and JSW Group. The combination of technology, innovation, and collaboration will result in a successful venture for both companies, as well as the Indian automotive industry.
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