Conglomerate JSW Group and SAIC-owned MG Motor formed a joint venture to manufacture new electric vehicles (NEVs) in India, with plans to launch a new pro duct, including NEVs, every three to six months beginning September with two new products to be launched this calendar year.

The JV, called JSW MG Motor India Pvt Ltd, aims to become a market leader in the NEV category with an extensive product portfolio.The company will operate in Halol, Gujarat with a focus on producing NEVs. This will help ramp up MG’s production capacity from 1 lakh to 3 lakh units per year.

JSW Cement Managing Director Parth Jindal, speaking to CNBC-TV18, said that the total investments made in the JV is Rs 5,000 crore. He also said that the chairman would be from JSW Group, and the board would be from SAIC.

Talking further about the plans for the wider group formed jointly, Parth Jindal said, “MG India procure very little steel from the JSW group. Going forward the total steel for MG will come from JSW Steel.”

Parth Jindal added: “Price point would be a very big disruptor in the market. We will have products in the mainstream, premium. The combination will allow us to launch a new product every three to six months. As economy grows people will upgrade. MG has a slew of products globally in premium portfolio and we plan to bring those into India.”