[TusharK]

Sajjan Jindal to acquire Ford’s Chennai factory

According to a media report, Sajjan Jindal, Chairman and Managing Director of the JSW Group, is all set to acquire Ford’s Chennai plant.



Reports suggest that the steel magnate is setting up a new company by buying a sizeable stake in MG Motor India. He is also said to be in talks with China-based Leapmotor to license their EV technology.

It has been reported that Jindal is looking to acquire 45-48% of MG Motor India after the wholly-owned subsidiary of China-based SAIC Motor decided to dilute its stake. The Hero Group, Reliance and Premji Invest were also said to be in the race to acquire the automaker.

As per the latest reports, Jindal could initially get over 30% stake in the company with MG Motor continuing to control a majority stake along with local financial institutions and employees. There are plans for an IPO that would give the Jindal entity a controlling stake.

Source: ET Auto

Link to Team-BHP News

[PreludeSH]

What exactly is his plan? Article mentions he gets access to technology from SAIC. Does he intend to use in the same company after increasing the stake or form a new company? In any scenario royalty will keep flowing to SAIC like it does with Suzuki.

[carsirdar]

Originally Posted by BoneCollector

Sajjan Jindal owned company plans to pick up 45-48% stake in MG Motors.

Link

This news has been in circulation for several months; however, it appears that the stakeholders involved may be proceeding with a deliberate and cautious approach. It is evident that MG India is in urgent need of a robust and locally well-connected partner. The parent company, SIAC, is encountering significant challenges in terms of capital infusion. Considering the substantial growth potential in the Indian market, it is clear that they are committed to maintaining a strong presence in India.

[automowheels]

This is official now. JSW has taken a 35% stake in MG Motor India. Perhaps they’ll take more stake in the months to come? Read the news here.