JSW Group and China's Geely discuss electric car joint venture
JSW Group, headed by Sajjan Jindal, is said to be in talks with a number of leading automobile manufacturers for possible electric vehicle (EV) joint ventures. One of them is Chinese auto giant Geely. Sources familiar with the matter told ET that JSW's aggressive strategy is aimed at the growing Indian EV market. The group plans to bring a range of EVs, including passenger and commercial vehicles.
JSW's future plans in the EV sector
A senior auto executive close to SAIC revealed that JSW ultimately plans to launch its own line of EVs. However, when approached for a comment on this matter, a spokesperson from JSW chose not to comment. This move is seen as part of JSW's broader strategy to secure a significant presence in various vehicle segments through multiple partnerships.
JSW's existing and potential partnerships in the auto sector
Notably, the current JSW-SAIC partnership (MG's parent) is non-exclusive. This gives JSW the flexibility to seek other partnerships depending on the market segments it desires to target. The company has a 35% stake in this JV, while private equity fund Everstone Capital has an 8% stake. Another 8% is with MG dealers and employees, with SAIC holding the remaining 49%.
JSW's past negotiations and future prospects
Previously, JSW had also held advanced talks with Ford, but those discussions did not culminate in success. There have also been unconfirmed reports of JSW's potential talks with Volkswagen (VW). These past negotiations and ongoing talks with the likes of Geely underscore JSW's aggressive pursuit of partnerships in the EV space.
