JSW to soon launch ‘Make in India’ EV brand

New Delhi: India’s steel giant, JSW, might soon enter the EV race in India, as the group has hinted at its intention to launch a homegrown EV brand soon. The plan follows JSW’s earlier announcement of a collaboration with China-based SAIC Motor, the brains behind the MG brand. 

JSW, earlier this year, announced the joint venture with SAIC Motor, with an aim “to grow and transform the MG operations in India.” Months later, the steel giant has signalled towards an electric entry into the Indian EV space, competing with established companies like Tata, Mahindra, and Hyundai. 

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. In an interview with The Financial Times, 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.