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According to the agreement, signed JSW will hold 35 per cent in the Indian JV operations. First step is to get Indian shareholders on board as majority shareholders, it could be HNI's, domestic financial institutions, dealer network and employees. The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles." In the first-phase called the 'investment phase' starting 2017-2022, MG Motors India established its base, launched half-dozen cars like Hector, Astor, Gloster and ZS EV and Comet, invested over Rs 4,000 crore in India including in buying and expanding the Halol Plan in Gujarat (earlier owned by GM Motors India) MG Motor India has made significant progress in the country with a year-on-year growth rate of 25 per cent. Since its inception in 2019, MG Motor India has invested Rs 7,000 crore and sold close to 200,000 vehicles in the country.