India’s JSW Group to acquire 35% stake in SAIC’s local subsidiary

Indian business conglomerate JSA Group has signed an agreement with SAIC Motor Corp. to purchase a 35 percent interest in the Chinese automaker’s Indian subsidiary MG Motor India. 

The deal, signed on Nov. 30, will allow MG to tap JSW Group’s vast operations “to augment local sourcing and establish a robust supply chain,” MG India said. 

With JSW Group as a shareholder, MG also plans to improve EV charging facilities, expand production capacity and broaden product range, it added. 

MG India, established in 2017, builds and markets three gasoline crossovers – the Astor, Hector and Gloster, as well as two EV models – the two-door Comet micro sedan and the ZS crossover. 

In the first ten months of the year, the company's sales surged 30 percent to some 52,000. Last year, deliveries rose 19 percent to about 48,000, according to SAIC. 

In 2005, Nanjing Auto, a state-owned Chinese automaker, purchased MG brand from bankrupt U.K. automaker MG Rover. Two years later, SAIC acquired Nanjing Auto.

In addition to China and India, MG also builds vehicles in Thailand. 

In India, JSW Group operates in multiple sectors, ranging from steel, energy, infrastructure, cement, paints, e-commerce and sports to venture capital investments.