JSW MG Motor bets on a $400 million offensive for new products, capacity

Subscribe to enjoy similar stories. NEW DELHI : JSW MG Motor India Ltd will invest about $400 million over the next four years to nearly triple its manufacturing capacity and accelerate its electric and hybrid vehicle push, managing director and chief executive Anurag Mehrotra told Mint in an interview. The Gurugram-based carmaker—a joint venture between Mumbai-headquartered JSW Group and China’s SAIC Motor—plans to expand capacity at its Halol plant in Gujarat from around 110,000 units annually to over 300,000 units in the next 12 to 18 months.

The investment, between $330 million to $480 million ( ₹3000 to ₹4000 crore), will be funded through a mix of internal accruals and external capital, including a potential fundraise from outside investors. The expansion signals JSW MG’s intent to emerge as a significant force in India’s fast-evolving new energy vehicle market. Currently the country’s second-largest EV player, the company is doubling down on electric and hybrid models, betting they will make up about 30% of overall passenger vehicle sales by 2030.

The push also comes as the broader industry enters an aggressive capacity build-out phase, with Maruti Suzuki, Mahindra and Mahindra, Hyundai Motor India and Tata Motors’ passenger vehicle arm collectively planning to add over 2 million units of annual capacity in the next four years. The latest product and capacity offensive through infusion of funds come as the shareholders of the company eye a future public listing. “The shareholders' commitment to the business is phenomenal.

Both shareholders are extremely buoyant on the opportunity. Like Mr. Jindal says, it's a Maruti moment.