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Promote Mingjue MG to expand the Indian market, SAIC signed a strategic cooperation agreement with JSW

2024-04-13 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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CTOnews.com December 1 news, SAIC announced that recently, SAIC and India's JSW Group signed a strategic cooperation agreement in London, England.

The announcement said that in order to seize the opportunity of the rapid development of the Indian automobile market, SAIC will introduce JSW Group as a strategic investor to further support MG India to expand its market share by increasing capital and shares.

The two sides will actively coordinate their advantageous resources in automotive, steel, energy and other fields to create a mutually beneficial and win-win cooperation model to ensure the sustainable development of MG India. SAIC will make full use of its world-class intelligent electric core technology to fully support MG India in building a green travel ecosystem.

According to the agreement, upon completion of the capital increase and share increase, India's JSW Group will own a 35 per cent stake in MG India. The relevant cooperation plan still needs to be approved by the government.

According to reports, JSW Group is India's leading integrated steelmaker, the overall valuation of the company ranks among the top five local Indian enterprises, the core business covers steel, energy, infrastructure, cement, venture capital and sports, business in more than 140 countries around the world. Based on the principle of mutual benefit and win-win situation, SAIC and JSW Group of India will fully cooperate with their respective superior resources to jointly empower MG India to become a large-scale and stronger power.

At the signing ceremony, Parth Jindal, head of strategic projects at JSW Group, said: our strategic cooperation will focus on green travel solutions, including the launch of a new generation of smart networked electric vehicles and fuel vehicles to further promote the transformation and development of MG India. The main task of the joint venture is to build an electric vehicle ecosystem and take a leading position in this field.

CTOnews.com query learned that in 2017, SAIC invested 3.275 billion yuan to set up MG India Automobile Co., Ltd. in India, including vehicle manufacturing base and supporting supplier park. In 2019, the first product, MG Hector, was launched in India, and since then, MG India vehicle sales have continued to rise year by year. In 2022, the company sold 48000 vehicles, an increase of 19.1% over the same period last year. From January to October 2023, the company sold 52000 vehicles, an increase of 29.7% over the same period last year, climbing to the eighth place in the Indian automobile market and the second place in the new energy vehicle market.

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