Jindal could initially get over 30% stake in the company with MG Motor continuing to control a majority stake
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.
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