JSW Group will acquire an additional 10% stake in JSW MG Motor, reducing SAIC Motor’s holding to 39% and securing operational control.
JSW Group will increase its stake in JSW MG Motor to 45% by acquiring a 10% equity share from Chinese partner SAIC Motor, lowering SAIC’s holding from 49% to 39%. The deal is expected to close within a month, with terms already agreed upon, though financial details remain undisclosed.
SAIC entered the Indian market in 2019 with over $650m in planned investments but faced restrictions on Chinese companies from 2020, limiting its expansion. JSW MG Motor plans to invest up to $418m in new model launches, supported by SAIC reinvesting $63m of sale proceeds back into the venture.
The transaction grants JSW greater operational oversight, aligning with its strategy to expand in India’s electric vehicle sector. Discussions over the stake transfer began last year but were delayed due to valuation disputes.