In July, the Sajjan Jindal-led conglomerate pumped in $115 million into JSW Green Mobility, filings with the ministry of corporate affairs showed. The company raised the funds by issuing optionally convertible debentures (OCDs) worth ₹1,000 crore to JSW Projects, which is promoted by the Jindal family.
The board of JSW Green Mobility approved the issuance of OCDs to raise up to ₹1,000 crore “to utilise the proceeds for the purpose of investment in subsidiary(ies) and/or other group companies, capital expenditure and general corporate purposes including repayment of debt and interest”, the MCA filing said.
At the same time, the group is seeking up to $300 million from external investors for MG Motor India, which currently sells the group’s vehicles in the country (the in-house brand is yet to launch its first vehicle).
Nearly 14 funds have expressed interest in the funding, and a final call on whether to bring in new investors in MG Motor will be taken next month, when a board meeting takes place with SAIC, according to a person directly aware of the matter.
“The discussions are ongoing between the two partners. A board meeting is coming up in September, and that’s when they will decide. The company is waiting to see when to do it as they are not in a hurry,” this person said on condition of not being named.
A JSW Group spokesperson said the group keeps evaluating strategic investment opportunities across its businesses: “While we do not comment on specific funding structures beyond what is available in statutory filings, we can confirm that all such transactions are in compliance with applicable laws.”
Regarding JSW MG Motor India, the spokesperson declined to comment on “speculations regarding potential fundraise, investors or board-level deliberations. We will make appropriate disclosures in accordance with regulatory requirements”.
Notably, all vehicles under the JSW banner—current and planned—are likely to be electric vehicles and hybrid vehicles.
While JSW Green Mobility doesn’t have a model yet, it is developing four—including both passenger vehicles and commercial vehicles. The models are being developed by two of its subsidiaries—JSW Motors Limited (passenger vehicles) and JSW Greentech Limited (commercial vehicles).
The company spokesperson declined to comment on specific timelines for their launch, saying they “will be shared at the appropriate stage”. However, according to the person cited earlier, the first of these models is likely to be launched in the next financial year, and will be rolled out from a fresh plant that is taking shape in Chhatrapati Sambhajinagar in Maharashtra.
The group’s second automobile business is through its joint venture with SAIC, MG Motor India. In March 2024, a JSW Group-led consortium picked up 51% stake in the company as the Chinese company faced hurdles in investing due to restrictions imposed by the Indian government.
The investment in MG Motor marked JSW Group’s foray into the automobile sector but in December, group chairman Sajjan Jindal expressed ambitions to launch its own EV brand.
“Our idea is not to be an outpost of a Chinese company to sell products in India,” Jindal told theFinancial Timesin December. “We want to manufacture the products in India, value-add in India, and sell in India.”
According to Puneet Gupta, director at S&P Global Mobility, JSW Group has gained critical insights into the EV business through its entry with MG Motor India.
“They may now have more calibrated and reasonable expectations on speed to market, sales and profits. For a newcomer like JSW, this is the right moment to step in, as most companies are still early in the EV race and market positions can shift quickly,” he explained.
Gupta added that MG Motor’s rapid climb to the No. 2 spot in the EV space with its Windsor model proves how fast the EV market can be shaken up.
The top passenger EV seller in India is Tata Motors, which sold over 16,000 EVs at the end of the first quarter of this fiscal. MG Motor has sold nearly 12,000 EVs — including Windsor, ZS EV and Comet.
Analysts note that EV adoption in passenger vehicles has not grown at a rapid pace, with penetration below 3% in FY25. Over 107,000 electric passenger vehicles were sold that year.
Nonetheless, competition in the segment is rising. The country’s largest passenger vehicle company – Maruti Suzuki – and other top brands such as Hyundai Motor India, Mahindra & Mahindra, and Tata Motors are all ramping up their presence in the clean cars segment.
