Monday, 04 December 2023 | PNS | DEHRADUN
Global Fortune 500 company SAIC Motor and the JSW Group have entered into a strategic joint venture. The shareholder agreement and share purchase and share subscription agreement were signed by the [resident of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at the MG Office in London with the objective of accelerating the transformation and growth of MG Motor in India. SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity and introducing a broader range of vehicles with a focus on green mobility.
Officials said that according to the agreement signed JSW will hold 35 per cent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer. According to Xiaoqiu, “The automobile business is a global industry and like in any other similar industry, access and collaboration are crucial for its healthy growth. 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.”
Jindal said, “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 including the new generation of intelligent connected NEVs and ICE vehicles. One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space.”
