Sajjan Jindal’s JSW Group Expands into Electric Vehicles

Investing $1.8 Billion to Boost Production and Strengthen India’s EV Market

Steel to Wheels: JSW Group’s Bold Automotive Entry

Sajjan Jindal, chairman of JSW Group and son of India’s richest woman, Savitri Jindal, is leading his Mumbai-based steel and energy conglomerate into the automotive industry.

In March 2024, JSW acquired a 35% stake in MG Motor India from China’s SAIC Motor for an undisclosed amount, marking a significant step into the competitive car market.

A Strategic EV Push

Parth Jindal, Sajjan’s son and director of the newly renamed JSW MG Motor, is optimistic about the electric vehicle (EV) market, seeing it as a major opportunity as India works to reduce its reliance on imported crude oil.

“When the transition to EVs started happening…we felt the playing field was becoming a lot more even,” he said, highlighting the potential for both new and established players to thrive in the sector.

Despite SAIC retaining a 49% stake, JSW MG Motor is structured as a joint venture with Everstone Capital (8%), MG car dealers (3%), and company employees (5%) holding shares.

Scaling Up: A $1.8 Billion Investment

JSW Group is injecting $1.8 billion to expand production capacity, targeting:

300,000 units per year by 2026 (up from 100,000 currently).
1 million units annually by 2030.

Currently, JSW MG Motor operates one factory in Gujarat but plans to build another facility nearby. The company aims to launch a new model every 3 to 6 months to rapidly grow its market share.

Leveraging JSW’s Industrial Strength

To reduce costs and strengthen local supply chains, the joint venture will source more locally manufactured parts, including materials from JSW Group’s own steel and energy divisions.

This integration aligns with India’s “Make in India” initiative, promoting domestic manufacturing and reducing dependency on imports.

Conclusion

Sajjan Jindal’s foray into electric vehicles through JSW MG Motor signals a major expansion for JSW Group.

With aggressive production goals, strategic partnerships, and significant investment, the company is positioning itself as a strong contender in India’s rapidly growing EV sector, reinforcing the nation’s transition to a sustainable automotive future.