MG Motor India Aims for Faster Growth with JSW Group’s Investment, Says CEO Emeritus Rajeev Chaba
MG Motor India is looking to achieve faster growth with the recent investment from JSW Group, according to CEO Emeritus Rajeev Chaba. The company has already built a strong foundation in technology, customer experience, gender diversity, and community service. With the new investor, MG Motor India is anticipating an accelerated growth path and more aggressive expansion plans.
Chaba mentioned that the focus is on taking advantage of the solid foundation already established. While responding to a question about the future plans with the new investor, he did not share specific details, citing an upcoming announcement by the joint venture between China’s SAIC Motor and JSW Group next week.
The joint venture between SAIC Motor and JSW Group was formed in November last year to enhance the transformation and growth of MG Motor in India. JSW Group holds a 35% stake in the Indian joint venture operations. SAIC continues to support the joint venture with advanced technology and products for delivering mobility solutions with a focus on the Indian consumer.
MG Motor India had announced plans in 2022 to invest around Rs 4,000 crore in a second manufacturing unit, aiming to expand its annual production capacity. However, the expansion plans faced delays due to funding challenges. Since its inception in 2019, MG Motor India has invested Rs 7,000 crore and sold close to 2,00,000 vehicles in the country.
Chaba highlighted the company’s achievements in terms of image, technology, innovation, gender diversity, and community service, mentioning that the foundation is well-established. The focus now is on injecting more funds for growth, addressing the need for increased expansion capacity and new product launches.
Despite capital challenges, MG Motor India has launched a new car every year until 2023. The company aims for substantial growth in 2024, expecting a 25-30% increase in sales. Two new products are also planned for launch this year, with MG Motor India continuing to participate in both conventional engines and electric vehicles segments.
