homeauto NewsJSW Group and MG Motor India to commence ₹5,000 crore joint venture on March 20, say sources
JSW Group and MG Motor India to commence ₹5,000 crore joint venture on March 20, say sources
The partnership aims to scale up its manufacturing and retail footprint in India, with a total investment of around ₹5,000 crore. The companies will unveil their roadmap for manufacturing and sales in India.
Homegrown multinational conglomerate JSW Group and Chinese automotive manufacturer SAIC Motor-owned MG Motor India are set to commence their joint venture on March 20, according to sources close to CNBC-TV18.
The partnership aims to scale up its manufacturing and retail footprint in India, with a total investment of around ₹5,000 crore. The companies will unveil their roadmap for manufacturing and sales in India.
In addition to this, private equity investor Everstone Capital has also acquired a stake in MG Motor's India operations.
Interestingly, MG Motor dealers and company employees could receive up to a 3-5% stake in the joint venture.
However, when asked for a comment, representatives from MG Motor, JSW Group and Everstone Capital declined to respond to CNBC-TV18's query.
(Edited by : Amrita)
First Published: Mar 11, 2024 1:08 PM IST
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