Parth Jindal takes charge as Chairman at JSW MG Motor India to drive green mobility

JSW Group scion Parth Jindal has been appointed as Chairman of JSW MG Motor India with immediate effect. JSW MG Motor India is a joint venture between steel-to-cement conglomerate JSW Group and China’s SAIC Motor.

Jindal, who served on the board of JSW MG Motor India as director since the formation of the joint venture, has been closely involved in shaping the company's product strategy, manufacturing expansion and localisation programme.

The appointment comes at a time when JSW Group is looking to raise its stake in the joint venture above 35% to become the largest shareholder in the venture. Currently, SAIC Motor is the largest shareholder of JSW MG Motor India with a 49% stake. Indian institutional investors own 8%, while the remaining 8% is held by dealers and employees.

China’s SAIC Motor sees India as the next growth engine for the company, given that growth of the auto sector in Europe is petering out, Jindal told reporters on the sidelines of the launch of the automaker’s maiden plug-in hybrid vehicle, the Hector Tomahawk PHEV, in Mumbai last week.

“They see India as the next growth engine. They see the partnership with JSW as a competitive edge, because none of the Chinese OEMs has been able to have an Indian partner who is localising and has been able to make a dent in this space,” Jindal added.

JSW MG Motor India plans to invest Rs 3,500 crore to boost production capacity at its manufacturing plant in Halol, Gujarat. The carmaker is targeting a capacity of 160,000 units by March 2025 and 220,000 units by January 2028. “This will get our localisation to 70% for two main platforms: MG Adapt and Windsor,” said Jindal.

SAIC Motor is very keen to empower JSW MG Motor India to grow faster, according to the JSW Group scion. “They understand that a local promoter is going to be far more aggressive and knows the market far better than any multinational,” Jindal said.

“They wanted to see some progress, some growth, some success, before both groups take the next step. With the success of the Windsor EV and this launch, this is giving both sides the confidence in taking this venture forward and investing further in India,” he explained.

Besides being appointed as chairman of JSW MG Motor India, Jindal is also the managing director of JSW Cement, managing director of JSW Paints, chairman of JSW Dulux and a director on the Board of JSW Energy. He is also the founder of JSW Sports and chairman and co-owner of the Delhi Capitals.