Homegrown multinational conglomerate JSW Group and Chinese automotive manufacturer SAIC Motor-owned MG Motor India are set to commence their joint venture on March 20, according to sources.
The partnership aims to scale up its manufacturing and retail footprint in India, with a total investment of around ₹5,000 crore. The companies will unveil their roadmap for manufacturing and sales in India.
In addition to this, private equity investor Everstone Capital has also acquired a stake in MG Motor’s India operations.
Interestingly, MG Motor dealers and company employees could receive up to a 3-5% stake in the joint venture.
However, when asked for a comment, representatives from MG Motor, JSW Group and Everstone Capital declined to respond.