To accelerate the growth of green mobility in the fast-moving Indian market, SAIC Motor a global Fortune 500 company has entered in strategic Joint Venture with the JSW Group, one of India’s leading global business conglomerates with US$ 23 billion in revenue. The Shareholder Agreement and Share Purchase and Share Subscription Agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London to accelerate the transformation and growth of MG Motor in India. SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the automobile field and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility. According to the agreement signed, JSW Group will hold 35 per cent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.
