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JSW MG Motor India

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JSW MG Motor India Pvt Ltd
Company typeJoint venture
IndustryAutomotive
Founded2017; 7 years ago (2017)
Headquarters,
India
Area served
India
Key people
Rajeev Chaba
(President & MD)[1]
ProductsAutomobiles
BrandsMG Motor
OwnerJSW Group
SAIC Motor
Number of employees
3,000+ (2023)[2]
Websitewww.mgmotor.co.in

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.[3][4]

History

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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.[5] 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.[6]

In May 2023, due to interventionist market policy by the Indian government, SAIC was forced to reduce shareholding in the venture.[7][8] 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.[9]

Operations

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JSW MG Motor India operates one manufacturing plant in the country, located in Halol, Gujarat. The plant has a capacity of 80,000 units per year and was previously owned by General Motors India, which halted its sales operations in India at the end of 2017.[10] MG Motor India has invested more than 2,000 crore in revamping the 178 acre facility after its takeover from General Motors.[10]

Models

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ICE vehicles

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Model Indian introduction Current model Notes
Introduction Update (facelift)
SUV/crossover
Astor 2021 2021
Hector 2019 2019 2023 Rebadged from Baojun 530
Hector Plus 2020 2020 2023 7-seater variant of a rebadged Baojun 530
Gloster 2020 2020 Rebadged from Maxus D90

Electric vehicles

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Model Indian introduction Current model Notes
Introduction Update (facelift)
Hatchback
Comet EV 2023 2023 Rebadged from Wuling Air EV
Windsor EV 2024 2024 Rebadged from Baojun Yunduo
SUV/crossover
ZS EV 2020 2020 2022

See also

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References

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  1. ^ Modi, Ajay (20 March 2018). "We believe in slow but sure growth in India: MG Motor India's Rajeev Chaba". Business Standard. Retrieved 12 March 2023.
  2. ^ "MG Motor India Commences Production of Hector SUV From Gujarat Plant". News 18. 6 May 2019.
  3. ^ Bureau, The Hindu (30 November 2023). "Will create greener, smarter mobility products for India, says SAIC Motor's Wang Xiaoqiu". The Hindu. ISSN 0971-751X. Retrieved 1 December 2023. {{cite news}}: |last= has generic name (help)
  4. ^ Mohile, Shally (20 March 2024). "We will create a Maruti moment with MG: Sajjan Jindal". The Economic Times. ISSN 0013-0389. Retrieved 20 March 2024.
  5. ^ "MG Motor India acquires Halol plant from GM, plans full revamp". Autocar Professional. Retrieved 1 December 2023.
  6. ^ "JSW to take stake in MG Motor India as China's SAIC dilutes holdings". Nikkei Asia. Retrieved 1 December 2023.
  7. ^ "China's SAIC to dilute stake in MG Motor India, drive EV sales". Reuters. 10 May 2023. Retrieved 1 December 2023.
  8. ^ Wadhwa, Nilesh (11 May 2023). "MG Motor India's expansion strategy: Expert sees need to sync long-term commitment of potential stake buyers". Financialexpress. Retrieved 1 December 2023.
  9. ^ Wadhwa, Nilesh (30 November 2023). "JSW Group partners SAIC Motor to acquire 35% stake in MG Motor India". Financialexpress. Retrieved 1 December 2023.
  10. ^ a b "MG Motor inaugurates first India facility in Gujarat, to roll out first product by 2019". Overdrive. Archived from the original on 20 July 2019. Retrieved 20 July 2019.
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