SAIC Motor, a Chinese state-owned automotive design and manufacturing company, and JSW Group, an Indian multinational conglomerate with diverse businesses including steel, energy, infrastructure, cement and paints, formed a joint venture to accelerate the transformation and growth of MG Motor in India. Financial terms were not disclosed. "The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the 'win-win cooperation' approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India," Wang Xiaoqiu, SAIC Motor President.