SAIC Motor and JSW Group announce a strategic Joint Venture to accelerate growth with focus on green mobility

SAIC Motor, a global Fortune 500 company with annual revenues of around US$ 110 billion and a presence in over 100 countries, and the JSW Group, one of India’s leading global business conglomerates with US$ 23 billion in revenues across diversified businesses, have entered into a strategic Joint Venture. The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at the MG Office in London with the objective ofaccelerating the transformation and growth of MG Motor in India. 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. According to the agreement, signed JSW will hold 35% in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer. According to Wang Xiaoqiu, President of SAIC Motor, "The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the 'win-win