New Delhi: The Competition Commission of India (CCI) has given its nod to the acquisition deal, allowing JSW Ventures Singapore Pte. Limited to acquire up to approximately 38% of the share capital of MG Motor India Private Limited.
JSW Ventures Singapore Pte. Limited, a newly incorporated entity and a wholly-owned subsidiary of JSW International Tradecorp Pte. Limited, is the acquirer in this deal. While the Acquirer is not currently engaged in any activities, it belongs to the renowned JSW Group.
On the other hand, MG Motor India Private Limited, the target of this acquisition, is an Indian company involved in the manufacturing of automobiles and providing after-sale services. The company’s primary focus is on producing and selling passenger cars, including electronic vehicles, under the brand name ‘MG.’
The approval from the CCI marks a significant step forward in the strategic acquisition, allowing JSW Ventures to secure a substantial stake in MG Motor India. The deal reflects the ongoing dynamics and partnerships in the ever-evolving automotive sector.