After SAIC (which owns MG) , Sajjan Jindal’s steel-to-paints conglomerate JSW Group is in talks with multiple auto majors for more electric vehicle joint ventures. According to sources with direct knowledge of the matter, among the OEMs that JSW is in talks with is Chinese auto major Geely. JSW, say sources, is betting aggressively on the Indian EV industry and is interested in launching multiple EV lineups including passenger and commercial vehicles. “Eventually JSW is also looking to launch its own EV lineup,” said a top auto executive close to SAIC. When contacted, the company spokesman said “JSW will not comment on the story”. When contacted MG India officials refused to comment.Auto industry sources however say the main reason for JSW looking at other auto partnerships has to do with its aggressive ambitions in the auto sector. “The SAIC-JSW partnership is not exclusive which means JSW is free to seek more partnerships depending upon the vehicle segments it wants to have a presence in,” said the top auto executive. The fact that SAIC did not offer JSW majority stake in MG could also be a sticking point, he said.
Currently, JSW Group owns 35% stake in the company while private equity fund Everstone Capital has 8% stake and another 8% is owned by MG dealers and employees. SAIC holds the remaining 49%. The joint venture between JSW and SAIC – JSW MG Motor India – was formed in 2023. There have been reports about JSW increasing its stake to 51% in the run up to listing JSW MG Motor India but the company has not confirmed the news. JSW have been in the news for potential partnership discussions for a while now.
Last year, JSW was in advanced negotiations with Ford but the talks finally did not work out. There have also been reports of JSW being in discussions with VW. The company has not commented on these reports.
