JSW MG Motor India Plans ₹3,000–4,000 Crore Investment, Explores Funding Options; IPO Aspirations Intact

As it aims to accelerate its new energy vehicles play and volume expansion, JSW MG Motor India plans to invest ₹3,000–4,000 crore over the medium term toward new product development, localisation, and manufacturing expansion, and is actively evaluating multiple funding options with its shareholders, even as the company keeps an initial public offering (IPO) as a longer-term aspiration tied to profitability milestones.

The investment push comes as the automaker accelerates its break-even point through a push for stronger localisation, higher volumes, and the need to transition toward a new-energy–led portfolio, and prepares a multi-model launch cycle across 2026–27.

“The CAPEX requirement for new products, plant expansion, and localisation will require an investment of about three to four thousand crores,” said Anurag Mehrotra, Managing Director, JSW MG Motor India, to Autocar Professional.

MG is currently funding expansion through internal accruals, but says that will not be sufficient to support the full scale of its growth plans.

“Currently, for the current year at least, internal accruals have been used,” Mehrotra said. “We are looking at studying very actively with our shareholders to say what are the other instruments that are available for financing our plan.”

Multiple Funding Instruments Under Evaluation

MG did not specify which instruments are under consideration but indicated it is assessing a mix of options alongside its shareholders, JSW Group and SAIC Motor.

“I haven’t seen this level of shareholder commitment or this level of engagement between shareholders in my two decades of automotive experience,” Mehrotra said.

The company is simultaneously scaling up manufacturing capacity, localising key components, and investing in new architectures to support EV and plug-in hybrid models.

IPO Linked to Profitability and Scale

MG reiterated that an IPO remains part of its long-term roadmap but stressed that timing will depend on achieving consistent growth and profitability rather than market cycles.

“The intent is that the IPO aspirations remain for the shareholders and for the employees and dealers,” Mehrotra said.

“We have to get through the gateway — revenue, growth, and profitability.”

He added that valuation will ultimately be driven by financial performance.

“The valuation will happen if you are able to deliver profitable growth.”

MG stressed that investment-led expansion will be guided by return on capital rather than pure volume.

“Growth you can get anytime. But profitable growth is the key,” Mehrotra said.

With ₹3,000–4,000 crore of planned capex, multiple funding options under review, and IPO ambitions intact, JSW MG Motor India is positioning itself for its next phase of growth as a more capital-intensive, EV-centric automaker in the Indian passenger vehicle market.