IndoEdge Gets CCI Nod For 8% Stake Buyout In MG Motor India

IndoEdge has received approval from the Competition Commission of India (CCI) to acquire an 8% stake in MG Motor India.

As per ET’s report, the deal will route through IndoEdge India Fund – Large Value Fund (LVF) Scheme.

The acquisition of shares in MG Motor India will grant IndoEdge India Fund 8.70% of the voting and economic rights, the report said, citing a statement by the antitrust regulator.

The acquirer is a large value fund for accredited investors, a scheme by IndoEdge which is a contributory determinate trust registered with the Securities and Exchange Board of India as an alternative investment fund, it said.

Chinese automotive manufacturer SAIC Motor-owned MG Motor India has been operating in the Indian electrical vehicle space actively for the last few years.

Most recently it entered into a joint venture with JSW Group that will produce both electric and internal combustion engine cars to capture a large chunk of the Indian market which is primarily dominated by Maruti and Tata Motors.

At the time, the company also shared a hint on gearing for an IPO and may bring in additional investors with local origin to “Indianise the company”.

In June 2022, it entered into the metaverse with its platform–MGverse. With the new metaverse platform, MG Motor wants to provide an immersive experience to its customers and stakeholders.

Before that, in May 2020, it entered into a partnership with Tata Power to set up superfast chargers for electric vehicles (EV). In this partnership, Tata Motors will install superfast chargers for EVs at select MG dealerships to offer end-to-end charging solutions to its dealers across India.

Update (Wednesday, 13:52): The story earlier mentions Info Edge as the acquiring entity incorrectly. It’s now corrected to IndoEdge.