E-Paper
JSW's Sajjan Jindal to own 45-48% of MG Motor India, company to become Indian entity: Report
MG Motor India is a wholly-owned subsidiary of SAIC Motor, a Shanghai-based state-owned Chinese automotive manufacturer.
Industrialist Sajjan Jindal is reportedly closing in on owning 45-48% of MG Motor India, an acquisition that will, in turn, make the company an Indian entity.
MG Motor India is a wholly-owned subsidiary of the Shanghai-based SAIC Motor. The state-owned Chinese automotive manufacturer sells vehicles under the British MG marque.
Sajjan Jindal to buy majority stake in MG Motor India
According to the Economic Times report, Jindal's majority acquisition has been approved by the Government of India. In addition to the 59-year-old JSW Group chairman and MD, 5-8% of MG Motor India will be owned by dealers and employees from India. This will ensure that at least 51% of the subsidiary is in Indian control, leaving SAIC as a minority partner with an ownership of not more than 49% of the company.
As per the report, however, JSW's listed entities – JSW Steel and JSW Energy – will not have any involvement in or exposure to the venture.
Who is Sajjan Jindal?
Jindal is the son of former Haryana minister and Congress leader, the later Om Prakash Jindal, who established Jindal Steel and Power Limited (JSPL), which, like JSW, comes under the OP Jindal Group, named after the family patriarch.
His mother, Savitri Jindal, is the richest woman in the country, according to Forbes India, which estimated her net worth at $16.4 billion. He has 3 siblings, all brothers: Prithviraj, Ratan and Naveen.
