| | DECEMBER 20239JSW & SAIC FORM A JOINT VENTURE FOR MG MOTOR IN INDIAIN FOCUSThe JSW Group, led by Sajjan Jindal, has teamed up with SAIC Motor to form a joint venture in India, aiming to expand MG Motor's operations in the nation. JSW will possess a 35 Percent stake in this venture, intending to revamp MG Motor's Indian operations toward eco-friendly mobility solutions, as stated by Parth Jindal of the JSW Group. The agreement was formalized in London, and JSW will collaborate with SAIC Motor to manage the automobile division in India. This development occurs amidst heightened Indian government scrutiny over Chinese investments due to ongoing border tensions.This partnership will allow the manufacturer of Hector and Astor SUVs to broaden its local presence while granting the Indian conglomerate access to India's swiftly expanding electric vehicle market segment. SAIC intends to continue supporting the venture by providing advanced technology and products. The shareholder agreement and share purchase and subscription agreement were signed by SAIC President Wang Xiaoqiu and JSW Group's Parth Jindal last Thursday. Xiaoqiu expressed, "Both partners will collaborate closely to introduce cutting-edge innovation aimed at creating more environmentally friendly and intelligent mobility products and services for our customers."Parth Jindal highlighted JSW's aspiration to establish a footprint in "green mobility solutions", emphasizing that the joint venture opens doors to introduce an advanced suite of automobile products. This includes the latest generation of smart connected NEVs (New Energy Vehicles) and ICE (Internal Combustion Engine) vehicles. He also noted that the joint venture's emphasis on broader local production initiatives will generate beneficial synergies through economies of scale, all while ensuring top-notch customer service for Indian consumers. The partnership aims to cultivate the electric vehicle ecosystem and pursue a leading position in this domain. SAIC Motor and JSW Group aim to leverage their combined resources in automotive and new technology sectors to create strategic synergies. Additionally, the joint venture plans to initiate several new strategies, such as increased local sourcing, enhanced charging infrastructure, expanding production capacity, and introducing a wider range of vehicles with a focus on eco-friendly mobility.
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