JSW Group in talks with MG Motor India to pick up stake
According to a report on Monday, Sajjan Jindal-led conglomerate JSW Group is in negotiations with MG Motor India to acquire a share in the vehicle manufacturer. According to PTI, the steel-to-sports firm is also considering purchasing a stake in BYD India.
JSW corporate Chief Financing Officer Seshagiri Rao told PTI in January that the production of electric vehicles is being actively considered at the corporate level.
Rao responded to a query about JSW Group’s plans to grow into other areas by saying that the company is planning to produce four-wheelers.
MG Motor India
The JSW Group is in discussions with MG Motor India and BYD India. The initial discussions are about acquiring a share. “Discussions are ongoing with both companies,” according to the sources.
A JSW Group spokeswoman declined to respond when approached.
“As a company policy at MG Motor, we do not comment on speculation,” an MG Motor spokeswoman stated when approached.