The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market in the Rs 15-20 lakh range, according to a report by the Business Standard.
The report also added that the company is in the race to pick a stake in MG Motor India, the British marque owned by China’s largest carmaker Shanghai Automotive (SAIC).
It was reported earlier that Sajjan Jindal, chairman and managing director of JSW group of companies, is reportedly set to own between 45 and 48 percent of carmaker MG Motor India, which
is a wholly-owned arm of the Shanghai-headquartered SAIC Motor, according to the Economic Times. His majority acquisition would make the company into an Indian entity, with the dealers and Indian employees owning around 5-8 percent. The parent company, SAIC, will hold on to the remaining percentage, the ET report cited multiple sources in the know.
Speaking exclusively to CNBC-TV18, JSW Group Chairman Sajjan Jindal said, “On MG Motor, if you are asking me specifically — because I don’t shy away from difficult questions — that is also one of the companies in our list. Could be one of the options if they want to sell, but I am not sure as yet.”
In January this year, it was reported that the conglomerate has been considering a foray into the manufacturing of electric vehicles.
“We are extremely serious about entering the EV space. MG would be our preferred choice. If it happens, otherwise we are also working parallelly to develop our own EV cars,” Jindal had said on the sidelines of the recently-concluded B20 Summit India 2023.
Source: https://www.moneycontrol.com/news/business/jsw-group-eyes-ev-car-launch-in-the-rs-15-20-lakh-range-report-11285901.html
