The Competition Commission of India, on Tuesday, gave the green light to the Sajjan Jindal-led JSW Group to acquire up to 38% stake in MG Motor India Pvt.
JSW Group's wholly-owned subsidiary JSW Ventures Singapore Pte. will acquire the stake in MG Motor India.
On Nov. 30, 2023, JSW Group announced the acquisition of 35% stake in MG Motor India, owned by Chinese automobile manufacturer SAIC Motor Corp.
In a joint statement earlier, SAIC Motor and JSW Group said that the move will result in strategic synergies, by bringing together resources in the field of automobiles and new technology.
The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility, it said.
The Shanghai-based state-owned SAIC Motor is the biggest auto manufacturer in terms of revenue in China and also markets vehicles under the British MG marque.
“The rich history of the MG brand is known to all and its success in India is there for all to see and it is truly an honour to be able to take this brand and company forward alongside a strong global partner in SAIC,” Parth Jindal, the scion of JSW Group, said in the release.
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