SAIC Motor and JSW Group announce joint venture; This is what it means
SAIC Motor and JSW Group will create strategic synergies by bringing together automotive and new technology resources.
New Delhi: SAIC Motor and the JSW Group announced a strategic joint venture on Thursday. SAIC Motor is a global Fortune 500 company with annual revenues of approximately US$110 billion and presence in over 100 countries, while JSW Group is one of India’s leading global business conglomerates with US$23 billion in diversified businesses.
The Shareholders Agreement and Share Purchase and Subscription Agreement were signed by SAIC President Wang Xiaoqiu and Parth Jindal of JSW Group at MG UK headquarters in London with the aim of accelerating MG Motor’s transformation and growth in India.
SAIC Motor and JSW Group will create strategic synergies by bringing together automotive and new technology resources.
The joint venture will also undertake several new initiatives, including increasing local sourcing, improving charging infrastructure, expanding manufacturing capacity and introducing a wider range of vehicles with a focus on green mobility.
Under the signed agreement, JSW Group will own 35 percent of the Indian JV business, while SAIC will continue to support the joint venture with cutting-edge technology and products to deliver exceptional mobility solutions with a relentless focus on the Indian consumer.
“Our strategic partnership with SAIC Motor aims to grow and transform MG Motor’s business in India with a focus on green mobility solutions. The joint venture paves the way to commercialize a world-class technology-enabled futuristic range of automotive products, including the next generation of intelligently connected NEVs and ICE vehicles.
“The JV’s focus on broader localization initiatives will deliver financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer.
“One of the key focus areas of this joint venture will be pursuing the development of the EV ecosystem and taking a leading position in this field.
“The rich history of the MG brand is known to all and its success in India is there for all to see. It is truly an honor to drive this brand and company forward together with a strong global partner in SAIC,” said JSW Group. said Parth Jindal.