"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 Target’s brand ‘MG’.