JSW-MG Motor deal: 'Always wanted to build cars in India,' says billionaire Sajjan Jindal

Sajjan Jindal-led JSW Group, that has picked up a 35% stake and formed a new jointed venture entity JSW MG Motor India Pvt. Ltd., has come as dream come true for the billionaire entrepreneur. Jindal, 64, who has built an empire of steel, energy and mining, among others, has been an avid automotive enthusiast and building a locally made car has been his dream.

“I was probably 12 years old when I build my first car - a small car - in our factory. The idea of making cars by JSW group always stayed inside me,” he said while announcing the new JV entity. The new entity will focus on new energy technologies like electric vehicles and plug in hybrids and Jindal now aims to take a major chunk of the emerging market.

“We will create a Maruti movement like it happened in 1983 when they entered the India market. I believe we can create a new energy vehicle Maruti movement,” Jindal said. While entering the automotive market has been in his mind for years, the latest phase of the initiative begun in 2015-16, when new energy vehicles started to gain traction in India. In fact, in 2017 he started assembling a team for building EVs. But with the advent of the COVID pandemic the plan had to out on back burners.

With this JV with MG Motor India - a wholly owned subsidiary of China’s SAIC Motor, Jindal mow aims to grab 33% of the new energy vehicle market in India by 2030. According to the group’s assessment, the market size of Indian automotive industry to touch 10 million in next 10 years.

And to rapidly grow its presence in the market Jindal plans an onslaught of new launches and expansion of production and exports.

“To bridge the gap (in charging points) we are coming up with PHEVs. We will be launching one new car every 3-4months from September onwards. Will manufacture in India and also expert to developed markets - thats my dream,” he says.