CCI Greenlights JSW's Acquisition of 38% Stake in MG Motor India; EV Collaboration in Full Swing

24 Jan 2024 , 01:52 PM

Competition Commission of India (CCI) approves JSW Ventures Singapore’s acquisition of around 38% of MG Motor India’s share capital.

MG Motor India is known for models like Hector, ZS EV, and Comet. JSW Ventures Singapore is a newly incorporated entity, wholly-owned by JSW International Tradecorp, part of the JSW Group led by Sajjan Jindal.

Target company, MG Motor India, engages in automobile manufacturing and after-sale services, primarily focusing on passenger cars (including EVs) under the ‘MG’ brand.

In November, JSW Group announced acquiring a 35% stake in MG Motor India from Chinese automaker SAIC Motor Corp.

The collaboration aims to consolidate resources in the automotive and new technology sectors. JSW Group, a $23-billion conglomerate, led by Sajjan Jindal, actively plans to localize electric vehicles (EVs) in India in partnership with MG Motor by January 2024.

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