India’s leading steel conglomerate, JSW Group, is making strides toward entering the electric vehicle (EV) market with plans to launch its own homegrown EV brand. This move aligns with JSW’s commitment to innovation and sustainability, marking a significant expansion into the rapidly growing Indian EV space.
Earlier this year, JSW announced a strategic joint venture with China’s SAIC Motor, the parent company of the MG brand. The partnership is aimed at enhancing and transforming MG’s operations in India, setting the stage for JSW’s potential foray into the EV sector.
By entering the EV market, JSW will position itself alongside industry leaders such as Tata Motors, Mahindra, and Hyundai, bringing its expertise and resources to this competitive segment. This development underscores the group’s ambition to contribute to India’s growing EV ecosystem while leveraging its “Make in India” ethos to build a strong, locally-driven brand.
The strategy behind the company’s advent into the EV market is to transcend the joint venture and not be considered an extension of the China-based motor company.
Sajjan Jindal, chairperson, JSW, said, “Our idea is not to be an outpost of a Chinese company to sell products in India.”
This move is in line with the announcement made by AURIC (Aurangabad Industrial City) on Twitter in October. According to the post, the JSW group has invested Rs 27,000 crore to set up an EV and commercial vehicle plant in the state of Maharashtra. More than 5,000 jobs are believed to have germinated from JSW setting up this plant, the post mentioned.
Post the JV with SAIC, the Indian conglomerate facilitated the launch of MG Windsor, and sold more than 6,000 units in November 2024. For the same month, EVs made up more than half the total vehicle sales of MG Motors. Acquiring a 35% stake in the China-based company, JSW helped SAIC continue its operations in India after it faced stringent measures posed by the Indian government on Chinese investments.
