SAIC Motor, a London-based automotive company with annual revenues of around $110 billion and also the owner of MG Motor, and JSW Group, an Indian business conglomerate with $ 23 billion in revenues, have entered into a strategic joint venture on Thursday.
As per the pact, SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility, as per an official statement.
Wang Xiaoqiu, President, SAIC Motor said, in the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India.
