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 SAIC Motor and the JSW Group on Thursday announced a strategic joint venture.

SAIC Motor is a global fortune 500 company with annual revenues of around US$ 110 billion and has a presence in over 100 countries while the JSW Group is one of India’s leading global business conglomerates with US$ 23 billion in revenues across diversified businesses.

The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London with the objective of accelerating the transformation and growth of MG Motor in India.

SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology.

The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.

According to the agreement signed, JSW Group will hold 35 per cent in the Indian JV operations while the SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.