Competition Commission of India Grants Approval to JSW Singapore to Acquire up to 38% Stake in MG Motor India

#JSW #MGMotor #Acquisition

Source: CCI

JSW Ventures Singapore is a newly incorporated entity and is not engaged in any activities yet, MG Motor India is engaged in the manufacture and sale of passenger cars (including electronic vehicles)

Jan 2024 : The Competition Commission of India (CCI) approved acquisition by JSW Ventures Singapore Pte. Limited for up to approximately 38% of the share capital of MG Motor India Private Limited.

The JSW Ventures Singapore 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.

CCI stated, “The Target (MG Motor India) 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’.”