JSW Group seeks bigger stake in JV with China’s SAIC

JSW Group is in talks with China's SAIC Motor to increase its stake in their joint venture JSW MG Motor India, as the group expands in the automobile sector. Director Parth Jindal confirmed discussions but declined to specify the increase, though reports say JSW seeks about 10% more. JSW currently holds 35%, SAIC owns 49%, and the rest is with Indian institutional investors, employees, and dealers.

Separately, the group has put its planned 50 GWh battery cell gigafactory in India on hold. Livemint reports Jindal said the project stalled because JSW could not secure a Chinese technology partner for LFP technology, which Beijing restricts. "They are guarding it like a weapon," Jindal said. The group is now hunting for a tie-up elsewhere. JSW's battery pack assembly lines are already commissioned using imported cells.

JSW MG Motor India on Wednesday launched the Hector Tomahawk in EV and plug-in hybrid variants. The EV starts at Rs 13.99 lakh under a battery-as-a-service model, with deliveries from September 2026. The company is investing Rs 3,500 crore and plans to raise its Halol plant capacity to 2.2 lakh vehicles by 2028.