MG Motor India together with the JSW group plans to capture an over 30 per cent market share in the New Energy Vehicle (NEV) segment in India by 2030, which translates to one million NEVs.

This was announced by Sajjan Jindal, chairman of the JSW group, at a press meet in Mumbai on Wednesday where the joint venture (JV) between the two groups was announced formally.

Named JSW MG Motor India Private Limited, the entity will create a “Maruti moment in NEVs”, said Jindal.

The $23-billion JSW Group signed a JV with auto major SAIC Motor, the Chinese parent of MG Motor India, in November, where the JSW group acquired a 35 per cent stake.

MG Motor India, being largely under the scrutiny of the Indian government owing to its Chinese origins, was scouting for partners to augment its plant capacity.

Around 51 per cent of the company’s shares are with Indian entities, including
JSW, which has a 35 per cent stake.

An Indian financial institution has an 8 per cent stake, while MG Motor India dealers hold 3 per cent stake.

Around 5 per cent has been kept for employees.

“This is the first time that an auto company is offering shares to its dealers,” said Rajeev Chaba, CEO Emeritus, MG Motor India.

The British brand has a plant in Halol, Gujarat, with an annual capacity of 1,20,000 vehicles.

The production capacity of the JV entity will increase from one lakh plus to three lakh vehicles annually with the joint venture.