JSW Group to Acquire 35% Stake in MG Motor India

10 Oct 2023 CW Team

The goal of JSW Group's pursuit of a share acquisition in MG Motor India is to provide an electric vehicle that is especially suited for the Indian market. A fully owned subsidiary of Shanghai-based SAIC Motor is MG Motor India. This agreement will probably be officially announced by Diwali.

More crucially, the action emphasizes the transition toward sustainable and environmentally friendly transportation options by highlighting the growing interest in and investments in the Indian electric vehicle market.

Electric vehicle (EV) localization in India is a top priority for the $23 billion industrial powerhouse headed by Sajjan Jindal. By January 2024, the new corporate partnership hopes to introduce EVs. This is in line with the general movement to encourage domestic manufacturing and the use of EVs, contributing to sustainability and reducing carbon emissions.

A Memorandum of Understanding (MoU) between JSW Group and MG Motor India to purchase about 35 percent of the company is most likely in place. This acquisition is a key component of JSW's plan to dominate the Indian EV market, emphasizing aggressive localization efforts.

The planned contract specifies that in the preliminary stage, a private corporation connected to Sajjan Jindal will own 32–35 percent of

Losses incurred by MG Motor India will be mitigated by equity capital held by SAIC. MG Motor India wants to begin its initial public offering (IPO) via an offer for sale (OFS) after these losses have been made up, at which point SAIC will sell its stake.

Notably, JSW Steel and JSW Energy would not be involved in the business.

In the past, there have been rumors that SAIC sought to reduce its investment in MG Motor India so that local businesses might acquire the majority of the company. It has accrued losses of roughly Rs 1,720 crore since its 2019 India launch.

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..