This marks the JSW group's foray into the automobile sector - a long-cherished dream of the 63-year-old billionaire.
A subsidiary of SAIC Motor, MG Motor India currently sells the MG Hector and Astor models of SUVs and the ZS and Comet models of electric vehicles. In a statement, the JSW group and SAIC said the Chinese firm will continue to support the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.
The share purchase and share subscription agreement was signed by the president of SAIC, Wang Xiaoqiu, and JSW group's Parth Jindal at MG Motor's UK headquarters in London "with the objective of accelerating the transformation and growth of MG Motor in India".
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