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Indian conglomerate JSW Group has entered the auto sector, taking a 35pc stake in MG Motor India controlled by Chinese vehicle manufacturer SAIC.
The joint venture aims to implement new initiatives including boosting local sourcing, improving electric vehicle (EV) charging infrastructure, expanding production capacity and introducing a broader range of vehicles with a focus on environmentally-friendly mobility.
"One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space," JSW Group's Parth Jindal said.
The firms also plan to develop neighbourhood EVs and internal combustion engine vehicles and create a sustainable auto ecosystem in India.
JSW also operates steel, energy, cement, paint and infrastructure businesses in India. Around 8-10pc of Indian steel industry demand comes from the auto sector. Indian conglomerate Tata Group also has steel and auto businesses.
India's full EV sales rose from the previous month and a year earlier to a five-month high in October because of the country's festival season and as the market shook off the impact of an EV subsidy cut. argusmedia.com
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