New Delhi, Nov 30 (IANS): SAIC Motor and the JSW Group on Thursday announced a strategic joint venture.

SAIC Motor is a global fortune 500 company with annual revenues of around US$ 110 billion and has a presence in over 100 countries while the JSW Group is one of India’s leading global business conglomerates with US$ 23 billion in revenues across diversified businesses.

The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London with the objective of accelerating the transformation and growth of MG Motor in India.

SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology.

The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.

According to the agreement signed, JSW Group will hold 35 per cent in the Indian JV operations while the SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.

“Our strategic collaboration with SAIC Motor aims to grow & transform the MG Motor operations in India with a focus on green mobility solutions. The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles.

“The JV’s focus on broader localisation initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer.

“One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space.

“The rich history of the MG brand is known to all and its success in India is there for all to see and it is truly an honour to be able to take this brand and company forward alongside a strong global partner in SAIC,” JSW Group’s Parth Jindal said.