BusinessJSW Teams Up with MG Motor to Expand Presence in the Car...

JSW Teams Up with MG Motor to Expand Presence in the Car Market

Date:

Indian conglomerate JSW Group and Chinese automotive manufacturer SAIC Motor-owned MG Motor today kick-started their joint venture to produce both electric and internal combustion engine cars to capture a large chunk of the Indian market.

In the joint venture, JSW group will pick up 35 per cent stake, Indian financial institutions 8 per cent, MG dealers 3 per cent and employees 5 per cent, taking the total to 51 per cent. The stakeholders together will invest Rs 5,000 crore in the first phase, which will be utilised to ramp up the existing capacity and launch new vehicles. The joint venture is targeting to sell one million electric vehicles in India by 2030.

There are plans to launch a new product, including NEVs (new energy vehicles) every three to six months, with two new products slated to be launched this year.

Also, the company will expand its production capacity in Halol, Gujarat, with a focus on producing NEVs. This will significantly increase the production capacity from the current 1,00,000 plus to up to 3,00,000 vehicles annually.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

Share post:

Popular

More like this
Related

Tata Consultancy Services Reports 9% Rise in Q4 Net Profit to Rs. 12,400 Crore

Tata Consultancy Services (TCS), India's largest IT services firm,...

Truecaller launches web app for desktop accessibility of its caller ID and spam blocking features

Truecaller, the popular caller ID and spam blocking app,...