This week, we're replaying some of our favorite Forbes stories from 2024.

Today on Forbes, what's driving the son of India's richest woman to pour billions into EVs?

Sojan Jindal, the son of India's richest woman, Savitri Jindal, is steering his Mumbai-based steel and energy

giant JSW group into making cars. In March, he bought 35% of M.G Motor India from China's

SAIC Motor for an undisclosed amount. Parth Jindal, son of Sajan, and a director of the renamed JSWMG Motor, is especially

bullish on the electric vehicle market as India promotes the industry to reduce its dependence on

imported crude oil. He says, quote, when the transition to EVs started happening, we felt the

playing field was becoming a lot more even,

because for an established car player to get into EVs or a new player, it's almost one in the same thing.

SAIC retains 49% in the joint venture, while Singapore-based private equity firm Everstone Capital holds 8%.

Employees, 5%, and MG car dealers 3%.

JSW Group is injecting roughly $1.8 billion into JSWMG Motor to stoke production capacity

to 300,000 units a year by 2026, and 1 million by 2030, compared with 100,000 units currently.

The joint venture has a sole factory in the state of Gujarat, but plans to build another one nearby

as it aims to launch a new model every three to six months. To reduce costs, the joint venture

will buy more local parts, including materials from

JSW Group. In March, India lowered import duties on certain EVs made by carmakers that agree to

invest at least $500 million and start manufacturing within three years. Parth says that the government,

quote, must push auto majors to bring their technology into

our country.

That is the only way we'll be able to achieve India's objectives of transitioning from

engines to EVs.

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