JSW MG Motor India to invest Rs 5,000 cr

Mumbai: JSW MG Motor India will invest Rs 5,000 crore to enhance production capacity and launch one new car every 3-6 months starting September, top company officials said on Wednesday.

The newly formed company, a joint venture between China’s SAIC and Indian conglomerate JSW Group will also seek to create a “Maruti moment” in the new energy vehicle segment, JSW Group Chairman Sajjan Jindal said here, while announcing the finalisation of the partnership here. The joint venture aims to sell one million units of passenger electric vehicles in India by 2030 when the total market is expected to be 10 million units annually. “We have announced today that we are going to have our second plant in Gujarat near our existing unit at Halol itself,” MG Motor India Chairman Emeritus Rajeev Chaba told PTI on the sidelines of the event.

The company’s production capacity will go from over 1 lakh per year to over 3 lakh a year, he said. Asked about the investment, he said, “The total investment from all stakeholders in this space is going to be over Rs 5,000 crore on capacity enhancement and new product introductions.” Outlining the roadmap for the company, Jindal in his address said the JSW Group believes in scale when it comes to building capacity. “We are going to churn the whole industry a lot and we will create some sort of disruption in the industry. Our idea is that we will bring one new car every 3-4 months, six months down the line,” he said. September onwards, he said, “We will be bringing the new cars.”