The Competition Commission of India (CCI) has recently sanctioned JSW Ventures Singapore Pte Ltd’s purchase of around 38% of MG Motor Pvt Ltd. JSW Ventures operates as a fully owned subsidiary of JSW International Tradecorp Pte Ltd, forming a part of the larger JSW Group.

The CCI confirmed the acquisition, noting that JSW Ventures Singapore Pte. Limited, the acquiring company, will hold up to 38% of MG Motor India Private Limited’s share capital. This subsidiary, recently established and currently not active in other business areas, falls under the JSW International Tradecorp Pte. Limited umbrella, a JSW Group company.

MG Motor India, with its base in India, is known for manufacturing and selling passenger and electric vehicles under the ‘MG’ brand. The CCI added that they would issue a comprehensive order on this matter later.

In a significant move last November, China’s SAIC Motor and the JSW Group declared a strategic partnership, with the JSW Group obtaining a 35% share in MG Motor India, a company ultimately owned by SAIC Motor UK.

The primary goal of this joint venture is to enhance and transform MG Motor’s operations in India, combining expertise in automobiles and emerging technologies. They aim to concentrate on local component sourcing, expanding charging infrastructure, increasing production capacity, and broadening the range of vehicles with a focus on eco-friendly mobility.

Amidst rising governmental scrutiny over Chinese investments in India, SAIC Motor announced its intention to reduce its stake in MG Motor India, paving the way for Indian entities to gain a majority share.

Furthermore, the partnership is set to contribute to the development of the electric vehicle (EV) ecosystem, aspiring to achieve a leading role in this sector. The collaboration will exploit SAIC Motor’s comprehensive experience in the automotive field and JSW Group’s widespread influence in India’s B2B and B2C sectors, aiming to build a strong supply chain and establish a sustainable automotive ecosystem in the country.

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