Since India and China are already in BRICS together, will Geely and JSW partner as well
JSW Group, the diversified steel-to-paints conglomerate led by Sajjan Jindal, is reportedly in talks with several major automakers, including Chinese automotive giant Geely, for potential electric vehicle (EV) joint ventures in India.
As per sources familiar with the matter, JSW is keen on expanding its footprint in the rapidly growing Indian EV market and aims to launch a wide range of EVs, encompassing both passenger and commercial models. The company is also looking to introduce its own EV lineup in the future.
Moreover, Industry insiders indicate that JSW’s aggressive approach in the Indian automotive sector is behind its pursuit of multiple partnerships with renowned Original Equipment Manufacturers (OEMs). The collaboration between JSW and SAIC, the parent company of MG Motor India, is non-exclusive, which means JSW is free to explore additional partnerships to cover various segments of the automotive market.
This flexibility allows JSW to engage with other global players to meet its ambitious goals in the EV segment. JSW’s current joint venture with SAIC, known as JSW MG Motor India, was established in 2023.
In this venture, JSW also holds a 35 percent stake, while the remainder is shared by SAIC (49 percent), private equity fund Everstone Capital (8 percent), and MG India dealers and employees (8 percent). Sources close to the matter suggest that the absence of a majority stake for JSW in MG Motor India may be one of the reasons for JSW’s exploration of new partnerships.
On top of that, reports have indicated that JSW was considering increasing its stake in MG Motor India to 51 percent in anticipation of a potential public listing, though the company has not confirmed these rumors. In the past, JSW Group has been in discussions with other automakers, such as Ford and Volkswagen, but no formal agreements were reached.
Despite these ongoing talks, JSW remains tight-lipped about any potential collaborations. Meanwhile, Geely, which was rumored to be in talks with JSW, has officially denied these claims. A spokesperson for Geely stated in an email response that the company has no plans to establish a joint venture in the Indian market.
JSW Group’s ambitions in the EV sector are clear, and their strategic focus on forging new partnerships signals the company’s commitment to becoming a significant player in India’s EV revolution. As the market for EVs continues to expand, JSW’s efforts to collaborate with various auto majors could position them well in the future.
We got all this from The Times of India and their full article is linked here. Thank you The Times of India for the information and images.
