JSW MG Motors set to raise $350 million from private equity investors: Report

MG said its Windsor crossover utility vehicle has earned the distinction of becoming the fastest EV model to achieve the 20,000 cumulative sales milestone.

JSW MG Motor is looking forward to raise between Rs 2500 to Rs 2980 crore ($300-350 million) from private equity (PE) funds and sovereign wealth organisations. ET reported that the automaker will likely utilise the raised funds to increase manufacturing capacity and expand its existing line-up of vehicles.

As per the report, this will be the first round of external equity fund raised by the company since Sajjan Jindal-led JSW entered into a $1.5 billion joint venture with SAIC-owned MG Motor India in March 2024.

Riding on the success of all-electric crossover utility vehicle — Windsor, which crossed cumulative sales milestone of 20,000 cars in just 6 months of its launch, the company recently said that it foresees its electric vehicles amounting to upto 65 percent of its total sales numbers. As per PTI, EVs accounted for 50 percent of the automaker's sales in 2024.

Between its three internal combustion engine (ICE) vehicles — Hector, Astor and Gloster, and three EV models — ZS, Comet and Windsor, the company sold a total of 60,000 vehicles in 2024.

JSW MG Motor India Director Sales & Marketing, Rakesh Sen told PTI, "EVs are constituting more than 60 per cent of sales in our M-o-M (month-on-month) sales in CY25. We will carry this momentum throughout the year and are confident that our EVs will drive 60-65 per cent of our total sales by year end."
JSW MG Motor's Upcoming models

The company is doubling-down on its EV-centric approach and planning to expand its electric vehicle portfolio with MG Cyberster and MG M9 models. These will be sold via its 'accessible luxury' channel — MG Select.

Windsor success story

The company informed that its Windsor crossover utility vehicle has earned the distinction of becoming the fastest EV model to achieve the 20,000 cumulative sales milestone.

Talking about Windsor's "exceptional value proposition", Sen said, "In addition, with the MG Windsor, we have successfully addressed category barriers and dispelled several myths around EVs in India through our innovative approach."

At its launch in September, Windsor came with a unique Battery-as-a-Service (BaaS) ownership plan, and the company had then claimed that owning it was at the price equivalent of a manual engine-based compact SUV.