The Competition Commission of India (CCI) has approved the acquisition of up to approximately 38 percent 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), CCI said in a statement.
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.
Target is a company incorporated in India, engaged in the automobile original equipment manufacturing business and after-sale services.
Target is primarily engaged in the manufacture and sale of passenger cars (including electronic vehicles) under Targets brand MG.
