JSW Ventures Singapore Pte Ltd, a subsidiary of JSW International Tradecorp Pte Ltd within the JSW Group, has successfully received approval from the Competition Commission of India (CCI) for the acquisition of a significant 38 per cent stake in MG Motor India Private Limited. This marks a crucial step in the collaborative efforts between JSW Group and SAIC Motor, aimed at fostering growth and transformation in the Indian automotive industry.
The newly formed entity, JSW Ventures Singapore, will undertake this strategic ownership change, further solidifying JSW Group’s presence in the manufacturing and sales of passenger cars and electric vehicles under the ‘MG’ brand. The CCI approval is a significant milestone, and a detailed order from the commission will be issued shortly.
This development follows the joint venture announcement made in November of the previous year, where JSW Group secured a 35 per cent stake in MG Motor India in collaboration with China’s SAIC Motor. The partnership is strategically focused on enhancing various aspects of MG Motor India’s operations, including local sourcing, charging infrastructure improvement, production capacity expansion, and the introduction of a broader range of vehicles, especially in the domain of green mobility.
SAIC Motor’s decision to reduce its ownership in MG Motor India is in line with the changing dynamics and increased scrutiny of Chinese investments by the Indian government. The joint venture positions itself as a leader in the electric vehicle (EV) ecosystem, aiming to develop a robust supply chain and a sustainable automotive ecosystem in India.
Leveraging SAIC Motor’s automotive expertise and JSW Group’s extensive presence across Indian sectors, the collaboration anticipates a strong and positive impact on the Indian automotive industry. This strategic move reflects the commitment of JSW Group to contribute significantly to the evolution of electric mobility in India, aligning with global trends towards sustainable transportation.
