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The Competition Commission of India (CCI) has given its approval for JSW Ventures Singapore Pte Ltd, a wholly-owned subsidiary of JSW International Tradecorp Pte Ltd and a part of the JSW Group, to acquire approximately 38% of the share capital of MG Motor Pvt Ltd. MG Motor India, engaged in the manufacturing and sales of passenger cars and electric vehicles under the brand 'MG,' will be subject to this acquisition. The CCI stated that JSW Ventures Singapore is a newly established entity and has no current business activities.
In November of the preceding year, a strategic joint venture between China's SAIC Motor and JSW Group was announced, with JSW Group securing a 35% stake in MG Motor India. The objective of the joint venture is to focus on the growth and transformation of MG Motor in India, emphasising resources in automobiles and new technology. The collaboration also aims to address local sourcing, enhance charging infrastructure, expand production capacity, and introduce a broader range of vehicles with an emphasis on green mobility.
As part of this venture, SAIC Motor expressed its intention to reduce its ownership of MG Motor India, allowing Indian entities to hold a majority stake. This decision aligns with the increased scrutiny of Chinese investments by the Indian government. The joint venture is committed to developing the electric vehicle ecosystem and aspiring to attain a leadership position in this sector. JSW Group highlighted that the partnership will leverage SAIC Motor's extensive automotive experience and JSW Group's widespread presence in the Indian B2B and B2C sectors to establish a robust supply chain and create a sustainable automotive ecosystem in India.
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