Highlights
- JSW Group keen to manufacture EVs in India
- Currently in talks with MG Motor India and BYD to acquire stake in both companies
- Likely to acquire minority stakes in both companies in India
The JSW Group is in talks with MG Motor India and BYD Auto India to acquire stakes in both carmakers. As per a PTI report, the Sajjan Jindal-led conglomerate, which has a diverse portfolio spread across multiple business sectors including steel, energy and infrastructure, has entered talks with both automakers over acquiring a stake in the business though the discussions are still in their early stages.
The Group has reportedly been interested in expanding its portfolio to include electric vehicle manufacturing in the country for some time now. Group CFO Seshagiri Rao had previously expressed the JSW’s interest in diversifying into the EV manufacturing to PTI space back in January.
MG is set to launch its second EV for India, the Comet, on April 26.
MG Motor India has been looking to expand its production operations in India in recent years. The carmaker currently operating out of GM’s old Halol manufacturing plant, was in the running for Ford’s Sanand plant before it was taken over by Tata Motors in 2022. A potential stake sale could see the company raise fresh funding to expand its manufacturing base in the country including the possible acquisition or creation of a second facility in the country. The stake sale and JSW’s interest in manufacturing EVs could also see the Group undertake contract manufacturing of MG’s EVs in India.
BYD’s electric car portfolio currently comprises just two models, the e6 MPV and the Atto 3 SUV (above).
Meanwhile, BYD is still fresh in the passenger vehicle scene with its portfolio currently comprising of two electric vehicles – the e6 MPV and the ATTO 3 SUV – with a third model, the Seal sedan, confirmed for launch later this year. The company is targeting to reach cumulative sales of 15,000 units in India in 2023. BYD, however, is yet to establish a full-blown manufacturing facility in India with its operations currently limited to assembling its models in India. As per previous reports, the EV specialist is currently only looking to streamline its business in India with no plans to manufacture models in India before 2025.
With inputs from PTI
Keyword: JSW Group Looking At Acquiring Stake In MG Motor India, BYD India