India's EV market is small, with Tata Motors (TAMO.NS) dominating sales that made up less than 2% of all cars sold last fiscal year.
All sources declined to be identified as the talks are still ongoing and a final decision has not been made.
Founded in 2015, Leapmotor has less than 2% share of China's fragmented EV market, where it sells four mass market electric models.
This has also forced MG Motor India to find local investors like JSW so it can raise equity.
Leapmotor also has been in partnership talks with other major automakers, including Stellantis (STLAM.MI) and Volkswagen (VOWG_p.DE), according to media reports.
Persons:
JSW, Leapmotor, Sajjan Jindal, Aditi Shah, Zhang Yan, Neha Arora, Kim Coghill
Organizations:
REUTERS, DELHI, HK, MG Motor India, China's SAIC Motor Corp, EV, Tata Motors, MG Motor, Ford, JSW, Volkswagen, Thomson
Locations:
Jinhua, Zhejiang province, China, India, EVs, New Delhi, Shanghai