The JSW Group on Thursday, November 30 has entered into an agreement with China's SAIC Motor to purchase a 35 percent stake in MG Motor India, aiming to collaborate on managing automotive operations within India.
The agreement was signed by SAIC's President Wang Xiaoqiu and JSW Group's Parth Jindal at the MG Office in London, with an objective to expedite MG Motor's evolution and expansion in India.
JSW Group Acquires 35% Stake in MG Motor India for Tech Innovation
Under the agreement between both firms, JSW Group is set to acquire a 35 percent stake in MG Motor India, the Indian subsidiary of SAIC, for an undisclosed amount. The Chinese automotive giant plans to sustain the partnership by providing cutting-edge technology and products, aiming to offer innovative mobility solutions to Indian consumers.
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"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," said Wang Xiaoqiu, President of SAIC Motor.
"In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India," he added.
SAIC Motor and JSW Group Join Forces for Advanced Automotive and Tech Collaboration
SAIC Motor and JSW Group aim to generate strategic advantages by pooling resources in the automotive and new technology sectors. The partnership will embark on various fresh endeavors, such as enhancing local sourcing, upgrading charging infrastructure, expanding manufacturing capabilities, and introducing a wider array of vehicles, emphasizing environmentally friendly transportation.
“Our strategic collaboration with SAIC Motor aims to grow & 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 including the new generation of intelligent connected NEVs and ICE vehicles. 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," said JSW Group’s Parth Jindal.
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