JSW Ventures gets CCI nod to acquire 38% share capital of MG Motor

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The Competition Commission of India (CCI) on January 23 approved the acquisition of up to approximately 38 percent of the share capital of MG Motor India Private Limited by JSW Ventures Singapore Pte Limited.

MG Motor India is known for models such as Hector, ZS EV, and Comet.

Commenting on the acquisition by the Sajjan Jindal-promoted JSW Group, the CCI said: “The acquirer is a newly incorporated entity and is not engaged in any activities as of date. It is a wholly-owned subsidiary of JSW International Tradecorp Pte. Limited and belongs to JSW Group.”

“The target is a company incorporated in India, engaged in the automobile original equipment manufacturing business and after-sale services. It is primarily engaged in the manufacture and sale of passenger cars (including electronic vehicles) under the target’s brand ‘MG’,” it further said.

Notably, in November last year, the JSW Group had announced the acquisition of a 35 percent stake in MG Motor India, owned by Chinese automaker SAIC Motor Corp – a move aimed at bringing together resources in the field of automobiles and new technology, the companies had said in a joint statement.

Moneycontrol had earlier reported that the $23-billion industrial conglomerate led by Jindal has shown deep interest in advancing the localisation of electric vehicles (EVs) in India, and is actively planning to roll out EVs via its collaboration with MG Motor India by January 2024.