JSW get CCI’s approval for acquisition of upto 38% stake in MG Motor India

24 Jan 2024 , 10:28 AM

The Competition Commission of India (CCI) has approved Sajjan Jindal-promoted JSW Group’s planned acquisition of up to a 38% interest in MG Motor India.

The acquiring entity is recently established and currently inactive. It operates as a fully-owned subsidiary of JSW International Tradecorp Pte. Limited and is affiliated with the JSW Group, according to the statement by the CCI.

‘The Target is a firm incorporated in India that manufactures vehicle original equipment and provides after-sales services. It is mainly engaged in the manufacture and sale of passenger cars (including electronic vehicles) under the Target brand ‘MG’,’ it added.

JSW Group, a prominent business conglomerate with a total worth of $23 billion, is recognized as one of India’s foremost business entities. The group’s impactful and sustainable involvement in diverse sectors such as Steel, Energy, Infrastructure, Cement, Paints, Venture Capital, and Sports positions it as a significant contributor to India’s economic advancement.

MG Motor India Private Limited, an automotive manufacturer in India, was founded in 2019. Since 2023, it has been a joint venture between Shanghai-based Chinese automobile manufacturer SAIC Motor and Mumbai-based Indian multinational conglomerate JSW Group, which markets vehicles under the British MG brand.

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