CCI approves acquisition of up to ~38% of share capital of MG Motor India Private Limited by JSW Ventures Singapore Pte. Limited

CCI approves acquisition of up to ~38% of share capital of MG Motor India Private Limited by JSW Ventures Singapore Pte. Limited

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

The Commission approved acquisition by JSW Ventures Singapore Pte. Limited (Acquirer), for up to approximately 38% of the share capital of MG Motor India Private Limited (Target).

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’.

Detailed order of the CCI will follow.