The Competition Commission of India (CCI) has given its approval for Sajjan Jindal-promoted JSW Group's proposed acquisition of up to 38 per cent stake in MG Motor India.
"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," the CCI stated.
"The Target is a company incorporated in India, engaged in the automobile original equipment manufacturing business and after sale services. The Target is primarily engaged in the manufacture and sale of passenger cars (including electronic vehicles) under the Target’s brand ‘MG’," it further said.
M.G. Car Company Limited was the British sports car manufacturer that made the marque famous. Best known for its open two-seater sports cars, MG also produced saloons and coupés, with engines up to three litres in size and 3.5 L in the case of the MGB GT V8. The marque is now owned by Chinese state-owned automaker SAIC Motor Corporation Limited.
