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CCI gives nod to JSW Group's acquisition of 38% stake in MG Motor India

CCI gives nod to JSW Group's acquisition of 38% stake in MG Motor India

| @indiablooms | 23 Jan 2024, 11:25 pm

New Delhi: The Competition Commission of India (CCI) has green-lit the proposed acquisition of up to 38 percent of MG Motor India by the JSW Group, led by Sajjan Jindal.

"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 anti-trust watchdog stated.

"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’," it added.

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