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New Delhi: JSW MG Motor India, the Joint Venture EV car player set up by JSW Group and China’s SAIC is expected to see a modification in its share capital even as the company witnesses a surge in demand for its EVs. The company, now valued at about $3 billion, is seeing renewed interest in investments, as the Sajjan Jindal-led JSW Group looks to expand the MG Motor brand in India.
According to a report by the Economic Times, KKR is looking to invest $400 million in the company, as the US-based investor is looking to tap into India’s fast-growing electric vehicle market. This could involve a divestment by SAIC, marking the first time the JV is expected to witness external equity fundraising since its inception in March 2024.
This comes at a time when the company has witnessed a strong 73% rise in sales for FY25, despite losses widening to Rs.1,096 crore due to expansion costs. MG Motor has announced plans to launch three or four new models a year in 2026 with an investment of Rs.3,700 crore to expand its Gujarat plant capacity from 1,20,000 to 3,00,000 units annually.
Despite competition from Mahindra and Mahindra and Tata Motors, JSW MG Motors has captured a large chunk of the premium EV ecosystem, with the company looking to ramping up local component sourcing to 70%.
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