CCI Clears JSW Group's acquisition of 38% stake in MG Motor India

The Competition Commission of India (CCI) has cleared JSW Group's proposed acquisition of a 38% stake in MG Motor India.

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

"The Commission approved acquisition by JSW Ventures Singapore, for up to approximately 38% of the share capital of MG Motor India," 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.

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