CCI approves JSW's acquisition of up to 38% stake in MG India

The JSW Group and China’s SAIC Motor entered into a joint venture back on December 1, 2023.

The Competition Commission of India (CCI) has approved the proposed acquisition of up to 38% stake in MG Motor India by the JSW Group.

In its official statement, the CCI said, “The Acquirer is a newly incorporated entity and is not engaged in any activities as on 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. The Target is primarily engaged in the manufacture and sale of passenger cars (including electronic vehicles) under the Target’s brand ‘MG’, the statement added.

The JSW Group and China’s SAIC Motor entered into a joint venture back on December 1, 2023. The former will hold 35% of the Indian JV operations. SAIC will continue supporting the joint venture with technology and products.

MG plans to invest Rs 5,000 crore in India to set up a second manufacturing facility in Gujarat. The new factory will help the brand double its production capacity from 1,20,000 units to 3,00,000 units per annum.

Source: ET Auto