JSW Group Eyes In-House Electric Vehicle Brand, Plans New Manufacturing Plant

Indian conglomerate JSW Group is considering launching its own electric vehicle (EV) brand, signaling a significant step beyond its joint venture with China’s SAIC Motor, which currently markets MG cars in India. Chairman and Managing Director Sajjan Jindal revealed the group’s ambition to independently develop and manufacture electric cars within India, aiming to establish a fully localized production ecosystem.

“Our idea is not to be an outpost of a Chinese company to sell products in India,” Jindal said in an interview with The Financial Times. He underscored the company’s commitment to manufacturing vehicles domestically, adding value within the country, and catering to the Indian market. The planned facility will be located in Chhatrapati Sambhajinagar, Maharashtra, where Volkswagen Group also assembles premium vehicles.

While Jindal refrained from disclosing specific investment details or model plans, he previously announced at the CNBC-TV18 Global Leadership Summit that JSW Group targets producing one million cars, including MG and standalone JSW models, within the next five to seven years. “By 2030, let’s say, a million cars should be on the road of JSW whether it is MG or not MG, but under the JSW umbrella,” Jindal stated.

In October, JSW Group took a significant step by acquiring 636 acres of land in the Bidkin Industrial Area, allocating 546 acres for electric car manufacturing and 90 acres for commercial vehicles. The company has committed an investment of 272 billion Indian rupees (€3.06 billion) to the project, initiating construction on the electric car facility within days of acquiring the land.

Though JSW Group is a major player in India’s steel industry and supplies materials to the automotive sector, it lacks direct experience in vehicle manufacturing, unlike domestic competitors Tata Group and Mahindra Group. Nevertheless, JSW entered the auto industry in March by acquiring a 35% stake in MG Motor India, positioning itself to leverage its steel expertise and pursue its EV ambitions in one of the world’s fastest-growing automotive markets.