The deal will go through the Info Edge India Fund – Large Value Fund (LVF) Scheme.
MG Motor India, owned by Chinese automobile giant SAIC Motor, has been aggressively working in the Indian electric car industry for the previous few years. It has just engaged into a joint venture with JSW Group to build both electric and internal combustion engine cars.
IndoEdge’s acquisition of an 8% stake in MG Motor India has been approved by the Competition Commission of India (CCI).
According to ET, the deal will be routed through the IndoEdge India Fund – Large Value Fund (LVF) Scheme.
According to the report, the IndoEdge India Fund will have 8.70% of the voting and economic rights after acquiring shares in MG Motor India, citing an antitrust authority statement. The LVF Scheme, designed specifically for accredited investors, exemplifies Info Edge’s dedication to encouraging high-value investments in innovative enterprises.
According to the statement, the acquirer is a substantial value fund for accredited investors offered by IndoEdge, a contributory determinate trust registered with the Securities and Exchange Board of India as an alternative investment vehicle.
MG Motor India, a subsidiary of Chinese automaker SAIC Motor, has been a major player in the Indian electrical vehicle market for the past few years.
It recently formed a joint venture with JSW Group to produce both electric and internal combustion engine vehicles in order to capture a major portion of the Indian market, which is currently dominated by Maruti Suzuki and Tata Motors.
At the time, the firm hinted that it was preparing for an IPO and that it might bring in more local investors to “Indianize the company.”
It launched its metaverse platform, MGverse, in June 2022. MG Motor’s new metaverse platform aims to create an immersive experience for its consumers and stakeholders.
Furthermore, MG Motor India has been at the forefront of promoting sustainable mobility solutions, as seen by its collaboration with Tata Power to install ultra-fast chargers for EVs. This strategic agreement demonstrates MG Motor’s commitment to providing end-to-end charging solutions and promoting the adoption of electric vehicles in India.
Prior to that, in May 2020, it partnered with Tata Power to install extremely quick chargers for electric cars (EVs). Tata Motors will install superfast EV chargers at certain MG dealerships as part of this cooperation, allowing it to provide end-to-end charging solutions to its dealers throughout India.
