FY26 accounts cited by Mint put companies linked to SAIC Motor at nearly 70% of JSW MG Motor India Private Limited’s goods procurement, offering a snapshot of sourcing alongside the venture’s stated localization plans.
Mint said it based the figures on accounts filed with India’s Ministry of Corporate Affairs. Mint put dealings with SAIC-linked firms at about $840 million, comprising roughly $820 million in goods purchases and $20 million in royalty and license fees. Total goods procurement was around $1.16 billion, it reported.
The SAIC-linked share of procurement fell from about 74% in FY25 to about 70% in FY26, while the value of dealings rose from roughly $640 million to $840 million, Mint reported. The outlet identified Guangxi Haoling Automotive Technology Co. Ltd as the largest disclosed supplier, with purchases of ₹5,153.82 crore in FY26. Mint said the accounts list these purchases under raw materials and traded goods, with no product-level breakdown. They do not specify whether the purchases were components, assemblies or completely knocked-down vehicle kits.
The sourcing figures sit alongside the venture’s announced aims. In November 2023, SAIC Motor and JSW Group said the joint venture would pursue broader local sourcing and expanded production capacity, with SAIC continuing to provide technology and products. Mint said related-party disclosures named at least 10 SAIC-linked entities and that JSW Group, SAIC and JSW MG did not respond to emailed queries.
Mint also reported that JSW Group and SAIC were discussing the venture’s ownership and funding. JSW Group Managing Director Parth Jindal told Mint the discussions were “well underway.” Vinay Piparsania, founder of Millenstrat Advisory and Research, told the outlet that “more Indian ownership won’t automatically mean more operational independence” while import dependence remained high. SAIC Motor’s 2024 annual report said SAIC HK’s stake in MG Motor India changed to 49% after a transaction and that SAIC and JSW Singapore exercised joint control.
