JSW MG Motor India to Set Up Second Plant with Rs 5,000 Crore Investment, Production Capacity to Triple
New Delhi, March 21, 2024 – Following the partnership between JSW and MG Motor India, plans are underway to establish a second manufacturing plant with a significant investment of Rs 5,000 crore. This move aims to ramp up production capacity and intensify competition in the Indian automotive market. Rajiv Chaba, Honorary Chairman of MG Motor India, announced the decision, stating that the new plant will be located in Halol, Gujarat, alongside the existing unit.
With this expansion, production is set to escalate from one lakh units to three lakh units. Additionally, JSW’s Sajjan Jindal expressed ambitions to introduce a new vehicle every three to four months, emphasizing a global outreach strategy for Indian-made cars. The company aims to replicate the transformative impact Maruti had on the industry four decades ago by prioritizing energy-efficient vehicles. JSW MG Motors envisions selling 10 lakh vehicles in the new energy segment by 2030.
JSW MG Motors India’s portfolio currently comprises the ZS EV and the budget-friendly Comet in the electric vehicle segment. In the Internal Combustion Engine (ICE) segment, offerings include the Aster, Hector, and Gloster models. This strategic expansion and product diversification underscore JSW MG Motor India’s commitment to innovation and market leadership in both conventional and electric vehicle segments.
In conclusion, the joint venture between JSW and MG Motor India heralds a new era of growth and competitiveness in the Indian automotive industry. With a substantial investment in a second manufacturing plant and ambitious plans for product development, the company is poised to reshape the market landscape and drive forward the adoption of energy-efficient vehicles.
