“With regard to the query on ‘JSW in talks to pick up stakes in MG, BYD India’, we confirm that no such proposal as referred to in the news article has been placed for discussion of the Board or any of its Committees,” the company press release stated.
It was earlier reported by many media reports that JSW is in the final stages for a foray into the automotive business and is in advanced negotiations to buy stakes in MG Motors and BYD. Both the companies currently operate in India, but are facing fund-raise constraints.
JSW’s CFO recently told PTI that the company intends to manufacture four-wheelers, but gave no further details on the manufacturing location or investments.
Chinese companies have been looking to induct Indian partners as they face increased challenges in getting access to fresh funds as the government has introduced multiple checks on investment inflows into them, following border and diplomatic tensions between the two countries.
MG Motor, which sells models such as Hector and Gloster, sold 48,000 units in 2022 and is targeting to double the number this year, riding on expected demand from a new entry-level mini electric ‘Comet’ that hits the market later this month.
Rajeev Chaba, MD of MG in India, had recently said that the company is ready to dilute stake in its Indian operations to raise funds.BYD is now training its guns for a larger India business with its electrics. The company has been in India for over a decade but had confined operations to commercial vehicles. It unveiled its first consumer electric car last year.
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