CCI clears JSW Group's 38% stake buy in MG Motor India

New Delhi: The Competition Commission of India (CCI) has cleared JSW Group's proposed acquisition of a 38 per cent stake in MG Motor India Pvt Ltd.

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

"The Commission approved acquisition by JSW Ventures Singapore Pte Ltd, for up to approximately 38 per cent of the share capital of MG Motor India Pvt Ltd," 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.