New Delhi, Feb. 17 -- JSW MG Motor India Pvt. Ltd will invest about $400 million over the next four years to nearly triple its manufacturing capacity and accelerate its electric and hybrid vehicle push, managing director and chief executive Anurag Mehrotra told Mint in an interview. The Gurugram-based carmaker-a joint venture between Mumbai-headquartered JSW Group and China's SAIC Motor-plans to expand capacity at its Halol plant in Gujarat from around 110,000 units annually to over 300,000 units in the next 12 to 18 months. The investment, between $330 million and $440 million (Rs.3,000-4,000 crore), will be funded through a mix of internal accruals and external capital, including a potential fundraise from outside investors. The expansion signals JSW MG's intent to emerge as a significant force in India's fast-evolving new energy vehicle market. Currently the country's second-largest EV player, the company is doubling down on electric and hybrid models, betting they will make up about 30% of overall passenger vehicle sales by 2030. The push also comes as the broader industry enters an aggressive capacity build-out phase, with Maruti Suzuki, Mahindra and Mahindra, Hyundai Motor India, and Tata Motors' passenger vehicle arm collectively planning to add over 2 million units of annual capacity in the next four years. The latest product and capacity offensive through infusion of funds come as the shareholders of the company eye a future public listing. "The shareholders' commitment to the business is phenomenal. Both shareholders are extremely buoyant on the opportunity. Like Mr Jindal says, it's a Maruti moment. It's once in a lifetime that you get a chance to transform an industry," Mehrotra said. The company will introduce four new products in 2026: two electric vehicles, an internal combustion engine (ICE) SUV called MG Majestor, and a plug-in hybrid. The investment marks the company's most aggressive expansion since an Indian investor consortium led by JSW Group acquired a controlling stake in 2024. SAIC holds 49% in JSW MG Motor India, while JSW Ventures owns about 35%. The remaining stake is held by Indian financial institutions, dealers and employees. "Back in 2024 when the JV got formed and JSW came in March of 2024, we spent a lot of time looking at defining what our strategy should be. It was very clear that we didn't want to be a me too brand. Because challenger brands will always find it difficult if you play in the me too space," Mehrotra said. "We spent time defining that instead of being a small player in a large pond. We want to be a reasonably sized large player in the new energy vehicle space," he added. Mehrotra, who joined JSW MG in February last year and will complete a year at the helm on Tuesday, succeeded long-time managing director Rajeev Chaba. He previously served as vice-president, international business strategy for Tata Motors' commercial vehicle segment. Before his stint at Tata Motors, Mehrotra spent more than 14 years at American carmaker Ford India where he eventually went on to serve as president and managing director. Even as it prepares to take on Tata Motors, VinFast, Mahindra and Mahindra, Hyundai Motor India and soon Maruti Suzuki in the EV and hybrid segments, JSW MG faces a potential challenger closer home....