Other Private Equity/Strategic Investments
JSW Group picks up 35% stake in EV cars maker MG Motor India
JSW Group is to buy a 35% stake in MG Motor India, the Indian unit of Chinese state-owned automobile company SAIC Motor. The stake sale to JSW Group will enable the maker of Hector and Astor to expand operations in India, and also give a foothold to JSW in the fast-evolving electric vehicle segment in India. MG Motor is a British brand owned by China's SAIC. The company had a good start in India with the launch of its first product SUV Hector in 2019. However, plans to expand footprint in the country hit a roadblock with the government holding onto approvals on investments from China amid geopolitical tensions. MG Motor India - which has on offer five vehicles in the local market currently - is targeting doubling its product portfolio by 2028. The company plans to launch 4-5 new cars, mostly EV models, and achieve 65-75% of its sales from the EV portfolio by 2028. More immediately, MG Motor India is looking at profitably growing sales to 80,000-100,000 units this calendar year, from 48,000 in 2022. About a third of these volumes will come in from electric vehicles - ZS EV and Comet EV.
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