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CCI approves JSW's acquisition of 38% stake in MG Motor India, boosting JSW's presence and advancing MG Motor's expansion.
CCI Approval forJSW acquisition for 38% stake in MG Motor.
Partnership with SAIC to boost operations.
MG Motor plans Rs 5000 crore investment, doubling capacity.
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In a significant development for the Indian automotive sector, the Competition Commission of India (CCI) has given the green light for Sajjan Jindal-promoted JSW Group's proposal to acquire a substantial stake of up to 38% in MG Motor India. The approval paves the way for the culmination of an agreement between JSW Group and China's SAIC Motor, aimed at enhancing the automotive operations of MG Motor India.
The acquirer, a newly established company, is a wholly owned subsidiary of JSW International Tradecorp Pte. Limited, belonging to the renowned JSW Group. The CCI emphasized that the newly formed entity is not currently engaged in any activities.
In May 2023, MG Motor India had unveiled its intention to weaken the majority stake in the company to Indian entities as part of its ambitious expansion plans over the next five years. The proposed acquisition by JSW Group aligns with MG Motor India's strategy to secure funds for its expansive initiatives in the country.
In November 2023, the JSW Group had signed a strategic agreement with SAIC Motor, a leading Chinese automaker, to acquire a 35% stake in MG Motor India. The partnership between the two entities was designed to jointly run automobile operations in India. As per the agreement, SAIC Motor will continue to support the joint venture with advanced technology and products.
The acquisition gains significance against the backdrop of increased survey by the Indian government on investments from China amid geopolitical tensions. The stake acquisition by JSW Group not only supports MG Motor India's local market expansion but also provides an entry point for the Indian conglomerate into the rapidly evolving electric vehicle segment in India.
MG Motor India, under the umbrella of the JSW Group, plans to invest Rs 5000 crore in various initiatives. This includes the establishment of a second manufacturing facility in Gujarat, intending to more than double the company's installed capacity from the current 120,000 units to a total of 300,000 units.
The shareholder agreement and share purchase agreements between SAIC Motor and JSW Group were formally signed at MG Motor's office in London, solidifying their commitment to fostering innovation and growth in the Indian automotive market.
Wang Xiaoqiu, President of SAIC Motor, expressed optimism about the collaboration, stating, "In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, creating greener and smarter mobility products and services for our consumers."
Parth Jindal of JSW Group highlighted the focus on green mobility solutions, emphasizing the joint venture's commitment to introducing a new generation of intelligent connected vehicles.
Also Read: Hyundai Ioniq 7 EV Spied: Futuristic Design, Connected LED Tail Lights, & India Launch 2025?
As the automotive landscape in India evolves, this strategic collaboration sets the stage for technological advancements and increased competitiveness in the electric vehicle sector. The approval from CCI marks a crucial milestone in the realization of these ambitious plans.
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