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 Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..