JSW MG Motor, the JV between China’s SAIC Motor and India’s JSW Group, plans to invest up to Rs40bn ($441m) over the next few years to raise capacity at its Halol plant in Gujarat.
The investment is expected to raise the Halol site’s current annual capacity from 110,000 units to 300,000 units.
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Managing director Anurag Mehrotra said in an interview reported by Bloomberg that the funding will modernise the facility’s paint and body shops and support a series of new hybrid and electric vehicle launches.
The carmaker intends to introduce three to four models in 2026, including one battery electric vehicle and one plug-in hybrid, using flexible multi-powertrain architectures.
It is operating close to full utilisation after retail sales rose roughly 35% and revenue grew 27% in calendar 2025, compared with industry expansion of 5% to 6%.
The planned expansion represents one of the “largest” capital commitments since JSW Group took a majority stake in the joint venture with China’s SAIC Motor in 2024.
It underscores the company’s shift towards new-energy vehicles (NEVs), including battery electric and plug-in hybrid models.
“We are cash positive,” Mehrotra said, noting that the initial stage of the capacity increase will be financed through internal accruals and that required approvals are already in place for spending this year.
He added that “all options are on the table” for possible external fund-raising as investment gathers pace, with both partners discussing the next phase of expansion.
JSW MG’s share of India’s electric-vehicle market has increased from under 10% two years ago to around 30% in 2025, largely driven by the Windsor electric multi-purpose vehicle, Mehrotra said.
Alongside the production ramp-up, the company is stepping up localisation efforts to curb foreign-exchange exposure and improve margins.
