Anurag Mehrotra, managing director and chief executive of JSW MG Motor India Ltd., told Mint in an interview that the company will invest roughly $400 million over the next four years to almost increase its manufacturing capacity and intensify its push for electric and hybrid vehicles.
In the next 12 to 18 months, the Gurugram-based automaker, a joint venture between China’s SAIC Motor and Mumbai-based JSW Group, intends to increase capacity at its Halol facility in Gujarat from about 110,000 cars per year to over 300,000 units. Funding for the initiative, which ranges from $330 million to $480 million (₹3000 to ₹4000 crore), will come from a combination of external investors and internal accruals.
The growth indicates JSW MG’s desire to become a major player in the rapidly developing new energy vehicle sector in India. The corporation, which is currently the second-largest EV player in the nation, is increasing its efforts to produce electric and hybrid vehicles with the hopes that they will account for around 30% of total passenger car sales by 2030.
The drive coincides with the industry’s aggressive capacity build-out phase, with the passenger car divisions of Tata Motors, Hyundai Motor India, Mahindra & Mahindra, and Maruti Suzuki all aiming to add more than 2 million units of capacity annually over the next four years.
The company’s shareholders are considering a potential public offering as they invest in the newest product and capacity offensive.
“The dedication of the shareholders to the company is extraordinary. Both shareholders are ecstatic about the prospect. It is, as Mr. Jindal says, a Maruti moment. “The opportunity to change an industry comes only once in a lifetime,” Mehrotra stated.
In 2026, the business plans to launch four new products: a plug-in hybrid, an SUV with an internal combustion engine (ICE) named the MG Majestor, and two electric cars.
Since an Indian investor group led by JSW Group purchased a majority stake in the business in 2024, this investment represents the company’s most aggressive expansion to date. JSW Ventures controls roughly 35% of JSW MG Motor India, while SAIC owns 49%. Indian dealers, staff, and financial institutions own the remaining ownership.
Resetting the strategy
Upon the formation of the JV and the arrival of JSW in March 2024, we devoted a great deal of time to determining the best course of action. The fact that we did not want to be a me-too brand was obvious. “Because if you play in the me too sector, rival brands will always find it difficult,” Mehrotra stated.
Rather than being a minor player in a big pond, we took the time to define that. In the field of new energy vehicles, we hope to be a sizable but manageable player,” he continued.
Mehrotra, who took over as managing director of JSW MG on Tuesday, will have been there for a year. He joined the company in February of last year. Prior to this, he was the commercial vehicle division of Tata Motors’ vice-president of worldwide business planning.
Mehrotra worked for American automaker Ford India for almost 14 years before to joining Tata Motors, eventually rising to the position of president and managing director.
Rivalry inside the group?
JSW MG is facing a possible rival closer to home even as it is ready to compete in the EV and hybrid markets against Tata Motors, VinFast, Mahindra & Mahindra, Hyundai Motor India, and shortly Maruti Suzuki.
Developing its own car brand, JSW Motors, the JSW Group anticipates launching its product line with a hybrid car. Plans were finalized, and sales might start in the October–December quarter, according to Sajjan Jindal in December.
Mehrotra focused on SAIC’s access to hybrid technology rather than directly addressing how JSW MG will handle internal rivalry.
Through SAIC, we have access to hybrid technologies. And that gives us a significant edge over every other player in the nation. Why hybrids? Since hybrids are a precursor to electric vehicles in general,” he stated.
After openly announcing its automotive goals, JSW is now planning to house two passenger vehicle operations within three years. This is an uncommon development that industry observers say is worth keeping an eye on.
“MG Motor has a proven and solid product selection, and the management team is progressively growing up the business,” said Puneet Gupta, director at S&P Global Mobility.
Through its partnership with MG, JSW entered the passenger car market, which has improved the group’s comprehension of the dynamics of the automotive sector. In the future, it will be crucial to observe how JSW preserves customer trust while striking a balance between the positioning of MG Motor and its own brands.
Losses increase
The quest for expansion coincides with growing losses. According to documents examined by Mint from the Ministry of Corporate Affairs, JSW MG Motor India’s losses in FY25 almost doubled to ₹1,096 crore from FY24’s ₹586 crore.
In FY25, revenue increased by 10% to ₹8,790 crore. The business made $1.04 billion, its first revenue over the $1 billion level since it started selling cars in India in 2019, based on an average exchange rate of ₹84.57 to the dollar during that time.
In keeping with the growing proportion of EVs in its portfolio, the company presently provides five electric vehicles: the MG Windsor, MG Comet, ZS EV, MG M9, and MG Cyberster.
According to Mehrotra, one of the main tools for increasing profitability in the upcoming years would be localization.
“You have ample time to localize well in advance of the product’s debut when you prepare your portfolio well in advance. The three- or five-year strategy is therefore crucial,” he stated.
“This is the amount of money we need to purchase the products, making sure they are extremely localized,” he continued, referring to the capital expenditure budget.
