JSW-MG Motor Joint Venture: JSW Group Chairman Sajjan Jindal wants to give the country a Maruti moment once again. Sajjan Jindal said on Wednesday that the joint venture between JSW Group and MG Motor wants to make the same impact in the country's automobile sector as Maruti did in 1984. He said that JSW Group and China's SAIC Motor-owned company MG Motor have joined hands to bring major changes in the country's Electric Vehicle Industry.
Sajjan Jindal wants to repeat the success of Maruti
Announcing the joint venture, Sajjan Jindal said in Mumbai that in the year 1984, Maruti had changed the automobile sector of India. We want to repeat this success together with MG. Our JV will transform the EV sector in India. My dream is that we repeat the success of Maruti in the EV industry. 40 years ago, Maruti had fulfilled the country's dream of becoming car owners by launching cheap and strong cars.
Decided to triple the annual production
JSW and MG Motor have decided to triple their annual production. The company said that within a year the production capacity of MG Motor will be increased from one lakh units to three lakh units. Both the companies have decided to come together in December 2023. JSW Group will have approximately 35 percent stake in this joint venture. JSW Steel, a JSW Group company, is the country's largest steel manufacturing company. Apart from this, the group's business is spread in many sectors.
New model Cyberstar launched in EV segment
On Wednesday, the company launched a new model Cyberster EV in the EV segment. With the help of this model, the joint venture will try to attract premium customers in the EV sector. MG Motor has launched two electric models in India. One of these small cars is Comet EV. Apart from this there is an SUV ZS EV.
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