JSW Group in talks to acquire Everstone Capital's 8% stake in MG India

If the deal goes through, JSW's stake in MG India will increase to 43% from 35%

The JSW Group is nearing the completion of negotiations with Everstone Capital to acquire its 8 per cent stake in MG India. According to a report by The Times of India, the discussions have reached an advanced stage, focusing on the financial terms and the premium JSW is willing to pay.

 

Currently, JSW Group, led by industrialist Sajjan Jindal, holds a 35 per cent stake in MG India. Should the deal proceed, JSW’s ownership would increase to 43 per cent. Despite this significant increase, it would still fall short of a controlling majority. Uncertain remains on whether JSW plans to acquire additional shares from other stakeholders to consolidate its position further.

 

 

Everstone Capital owns 8 per cent of MG India, and another 8 per cent is shared between MG dealers and employees. The 8 per cent stake held by Everstone Capital is valued at approximately Rs 1,000-Rs 1,200 crore, the report added.

 

MG India’s parent company, China-based SAIC Motor Corporation, retains a 49 per cent stake in the joint venture.

 

JSW and SAIC joint venture

The collaboration between JSW and SAIC, known as JSW MG Motor India, was formalised in late 2023, with an initial investment exceeding Rs 5,000 crore.

 

JSW MG Motor India recorded a significant 55 per cent increase in sales in December 2024, selling 7,516 units compared to the same period the previous year. The company also reported its highest-ever electric vehicle (EV) sales during the month, with new energy vehicles (NEVs) contributing over 70 per cent of the total sales. The Windsor, a crossover utility vehicle, emerged as a top performer, with 3,785 units sold.

 

The potential increase in JSW's stake signals a strategic push towards greater involvement in the Indian automotive industry, particularly in the growing EV sector.