ADVERTISEMENT
CCI clears JSW Group's 38% stake purchase in MG Motor IndiaMG Motor India is a wholly-owned subsidiary of Shanghai-headquartered SAIC Motor.
PTI
Last Updated IST
<div class="paragraphs"><p>The logo of JSW is seen on the company's headquarters in Mumbai, India.</p></div>

The logo of JSW is seen on the company's headquarters in Mumbai, India.

Credit: Reuters File Photo

New Delhi: The Competition Commission of India (CCI) has cleared JSW Group's proposed acquisition of a 38 per cent stake in MG Motor India Pvt Ltd.

ADVERTISEMENT

MG Motor India is a wholly-owned subsidiary of Shanghai-headquartered SAIC Motor.

"The Commission approved acquisition by JSW Ventures Singapore Pte Ltd, for up to approximately 38 per cent of the share capital of MG Motor India Pvt Ltd," the CCI release said on Tuesday.

JSW Ventures Singapore Pte, a newly incorporated entity, is a wholly-owned subsidiary of JSW International Tradecorp Pte and belongs to Sajjan Jindal-led JSW Group.

MG Motor India is engaged in the manufacturing and sale of passenger cars (including EVs) under the company's brand MG.

The regulator has approved the proposed deal, as per the release.

Deals beyond a certain threshold require approval from the fair trade regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.

ADVERTISEMENT
(Published 24 January 2024, 14:48 IST)