JSW Group denies picking up stake in MG Motor, BYD India

MG Motor

MG Motor and BYD have refuted reports suggesting JSW Group plans to acquire stakes in Indian subsidiaries of those automakers in order to foray into the electric vehicle business in India.

Earlier, a source at JSW Group told Fortune India that negotiations were ongoing with multiple car brands. On April 25, MG Motor India also declined to comment on the source's claims.

"We confirm that no such proposal as referred to in the captioned news article has been placed for discussion of the Board or any of its Committees," JSW Holdings said in a regulatory filing on April 25. The steel-to-sports group is also exploring purchase of stake in BYD India, they said.

In January, JSW Group Chief Financing Officer Seshagiri Rao had told PTI that the manufacturing of electric vehicles is being discussed actively at the group level.

The group was looking to manufacture four-wheelers, Rao had said in reply to a question on JSW Group's plan to expand its presence into more sectors.

As its flagship business, JSW Steel manufactures auto-grade, high-value steel and supplies to automobile companies, including EV makers, at a 1 million tonne per annum (MTPA) steel plant in Salem, Tamil Nadu. In addition, the group is working on projects that support energy storage solutions, including batteries for electric vehicles.