"SAIC Group and Indian JSW Group Sign Strategic Cooperation Agreement"

Recently, SAIC Group and Indian JSW Group signed a strategic cooperation agreement in London, United Kingdom. In order to seize the opportunity of rapid development in the Indian automotive market, SAIC will introduce JSW Group as a strategic investor to further support MG India Company in expanding its market share through capital increase and share expansion. The two parties will actively coordinate their respective advantages in the automotive, steel, energy and other fields to create a mutually beneficial cooperation model, ensuring the sustainable development of MG India. SAIC will fully utilize its world-class intelligent electric core technology to support MG India in building a green travel ecosystem. According to the agreement, after the capital increase and share expansion is completed, Indian JSW Group will hold 35% of the shares of MG India Company. The related cooperation scheme still needs to obtain government approval."