JSW Group's Sajjan Jindal could acquire 45-48% stake in MG India

JSW Group's listed entities: JSW Steel and JSW Energy, will not have any exposure to this venture.

Sajjan Jindal, Chairman and Managing Director of the JSW Group, is said to be in the race to acquire a majority stake in MG Motor India.

According to media reports, Jindal is looking to acquire 45-48% of MG Motor India, which is a wholly-owned subsidiary of China-based SAIC Motor. Dealers and Indian employees will control around 5-8%.

This will ensure that at least 51% of the company remains in Indian control, with a larger portion of Indians making up the company's top management. Reports also suggest that JSW Group's listed entities: JSW Steel and JSW Energy, will not have any exposure to this venture.

Last month, MG announced its plans to dilute its stake in the company. Initially, Reliance and the Hero Group were said to be in the race to acquire the automaker, along with JSW Group and Premji Invest.

Source: ET