JSW Group in talks with MG Motor India, BYD India to pick up stake

Sajjan Jindal-led conglomerate JSW Group is in talks with MG Motor India to pick up stake in the automobile company, according to sources.

The steel-to-sports group is also exploring purchase of stake in BYD India, they said.

In January, JSW Group Chief Financing Officer Seshagiri Rao had told PTI that the manufacturing of electric vehicles is being discussed actively at the group level.

The group is looking to manufacture four-wheelers, Rao had said in reply to a question on JSW Group's plan to expand its presence into more sectors.

"JSW Group is in talks with MG Motor India and BYD India. The early talks are for picking up stake. Talks are on with both the companies," the sources said.

When contacted, a JSW Group spokesperson declined to comment.

"As a company policy at MG Motor we do not comment on speculation," a spokesperson of the automobile company said when contacted.