India’s biggest steel producer JSW and Chinese carmaker SAIC Motor on Wednesday launched a $1.5bn joint venture to build and sell MG-brand electric vehicles in the world’s most populous country.
The partners plan to invest $5bn by 2030 and cut costs by increasing local sourcing, including of batteries from a plant to be built in India’s eastern Odisha state by JSW, the Indian group’s chair Sajjan Jindal told the Financial Times.
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