Sajjan Jindal dreams of creating ‘Maruti moment’ again as he announces JSW-MG Motor JV
The joint venture between JSW Group and MG Motor aims to recreate the “Maruti moment” in India’s electric vehicle industry, said JSW Group Chairman Sajjan Jindal on Wednesday while announcing a collaboration with China’s SAIC-owned company. “My dream with MG is to create a ‘Maruti moment’. In 1984, when Maruti came to India, it changed the auto industry. We aim to do the same with MG,” JSW Group Chairman said at an event in Mumbai.
The JSW-MG Motor joint venture aims to sell around 1 million electric vehicles in India by 2030 and corner a third of the market, a JSW executive told Reuters. To enhance its production capacity, the joint venture company has planned to inject around ₹5,000 crore to boost its production capacity to launch one new car every 3-6 months from September.
The JSW-MG Motor India also shared the plan of opening its second plant in Gujarat near its existing unit at Halol. “We have announced today that we are going to have our second plant in Gujarat near our existing unit at Halol itself,” MG Motor India Chairman Emeritus Rajeev Chaba told PTI on the sidelines of the event on Wednesday,
Cyberster EV launch
On Wednesday, the newly formed JV launched a new model in the EV segment, Cyberster EV in India. The launch would help the two companies to capture the premium passenger vehicle segment. MG Motor is owned by China’s SAIC Motor and has two electric models in India, ie the small Comet EV and the ZS EV, which is an SUV.
The JSW-MG Motor will increase MG Motor’s annual production capacity from 100,000 to 300,000 units, the companies said in a statement. The announcement about the collaboration between the two companies was made in December last year. The JSW group has a nearly 35% stake in the joint venture. Other JSW group also owns India’s largest steelmaker by capacity JSW Steel among others in various sectors.
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Published: 20 Mar 2024, 03:55 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.