JSW taps KKR to drive in MG Motors JV with $400 mn investment

JSW Group is in talks with KKR for a $400 million investment in JSW MG Motor India at a $3 billion valuation, marking a doubling since the JV was formed. The deal involves primary equity infusion and a secondary share sale by Chinese partner SAIC Motor, which plans to divest a 10% stake from its 49% holding, potentially making JSW the single-largest shareholder. While JSW MG Motor India's EV volumes grew 73% in FY26 to 53,089 units, its market share slipped to 19.8% from 29.8% as competition intensified from Mahindra, Tata Motors, Maruti Suzuki and VinFast, and net losses widened to around Rs 1,096 crore.