Comments
MG Motor India on Wednesday announced its India 3.0 plan in which the company said it will invest over ₹5,000 crore for the expansion of manufacturing plants in Halol, Gujarat, and hire around 20,000 employees (direct and indirectly).
The Chinese-owned company (SAIC) is also looking for investors from India as part of its 5-year business roadmap to Indianise the business operations for sustainable growth and meaningful impact on society.
The key initiatives that would constitute this are localisation and bringing in the latest technology and indigenising it as well; increasing Indian shareholding over the next 2-4 years by more than 50 per cent; enhancing local sourcing and manufacturing across its operations by 2028 through extensive series of programmes including exploring cell manufacturing and clean hydrogen-cell technology through owned or third-party facilities, the company said.
As part of its growth plan, MG Motor India plans to establish a second manufacturing facility in Gujarat, significantly increasing the combined production output from the current 1.20 lakh to 3 lakh vehicles (including both plants’ capacity).
The company also intends to launch 4-5 new cars, mostly electric vehicle (EV) models, and achieve 65-75 per cent of its sales from the EV portfolio by 2028. To support the widespread adoption of EVs, MG Motor India will strengthen local manufacturing of EV components and establish a battery assembly unit in Gujarat.
“As we pave the way for our next phase of sustainable growth, we have outlined a clear roadmap and vision for 2028. Our growth strategy is centred around strengthening localisation, aligning more closely with the government’s ‘Make in India’ initiative while innovatively augmenting our promise consistently, and diligently meeting the evolving needs of the market,” Rajeev Chaba, CEO Emeritus of MG Motor India, told reporters here.
He also said the announcement for the first step towards investment and shareholding details will be shared within this year. Chaba said the company also plans to list MG Motor India on the Indian bourses, once the shareholding patterns are finalised.
MG Motor India sold around 48,000 vehicles last year and it aims to sell 80,000-1,00,000 lakh units this year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.