JSW MG Motor India
JSW MG Motor India Pvt Ltd, previously MG Motor India Private Limited until 2024, is an automobile manufacturer in India, which was established in 2019. Since 2023, it is a joint venture between the Mumbai-based Indian multinational conglomerate JSW Group and Shanghai-based Chinese automotive manufacturer SAIC Motor, a Chinese state owned automobile manufacturer which markets vehicles under the British MG marque.
History
The whole subsidiary was setup in the year 2017 by SAIC Motor and began its sales and manufacturing operations in 2019 from an old General Motors facility in Halol, Gujarat. The company was intended to allocate $650 million for investment, however the Government of India aimed to restrict funding from Beijing following a conflict in 2020 between troops of both nations along their disputed Himalayan boundary.In May 2023, due to market policy by the Indian government, SAIC was forced to reduce shareholding in the venture. By November 2023, the company entered into a strategic joint venture with JSW Group, which allowed latter to acquire 35% in the company. Further, IndoEdge India Fund bought an 8% stake, while a dealer trust as well as an employee stock ownership plan, acquired 3% and 5% stakes, respectively, leaving SAIC with just 49% stake.