JSW Group plans to become single-largest shareholder in JSW MG Motor India: Report

JSW is the second-largest shareholder in the 51:49 joint venture that produces MG Hector SUV and Windsor EV, owning 35 percent

JSW Group is considering raising its stake in its EV joint venture JSW MG Motor India with plans to become the single largest shareholder, a report by The Economic Times said on July 10.

The group’s Chinese JV partner SAIC Motor is unlikely to invest further in the country and will instead prioritise European and home market, the report said.

JSW is the second-largest shareholder in the 51:49 joint venture that produces MG Hector SUV and Windsor EV, owning 35 percent, the report said. The Chinese carmaker is the single largest holder with 49 percent stake, while the rest is held by others, including domestic financial institutions that own 8 percent, MG Motors dealers 3 percent and JSW Motor India employees 5 percent.

Moneycontrol could not independently verify the report.

Earlier, Moneycontrol had reported that the carmaker is set to launch premium electric vehicles such as M9 MPV and the Cyberster roadster, with prices likely to be announced in the next few weeks.

The firm will first reveal the price of M9 in July, which will be followed by that of Cyberster.