‘Not in any discussion’: Sajjan Jindal-led JSW denies report of taking over MG Motor India
JSW-MG Motor India deal: JSW said that it is cognizant of its obligations and would keep its shareholders informed about any such material development or information that could impact its business, financial performance, or stock price.
- Oct 9, 2023,
- Updated Oct 9, 2023 12:36 PM IST
Sajjan Jindal-helmed JSW has issued a clarification on reports that the company is in talks with SAIC to overtake MG Motor India. As per the report, MG Motor would cease to be a Chinese company at the completion of the deal that is expected to take place in several phases.
“We hereby confirm that JSW Holdings Limited is not in any discussion as referred to in the captioned news item nor any such proposal has been placed for discussion of the Board or any of its Committees,” it said. Referring to the article by The Economic Times, JSW stated that the report already stated that none of the listed JSW Group entities would be involved in the deal.
It said that it is cognizant of its obligations and would keep its shareholders informed about any such material development or information that could impact its business, financial performance, or stock price.
The report that was published last week had stated that a formal announcement was expected from the company soon, by Diwali. The new alliance between JSW and SAIC would roll out electric cars under the new aegis by January 2024, it stated.
In the beginning a Jindal company would own 32-35 per cent of MG Motor India, with SAIC owning 51 per cent. In the end, SAIC’s holding would be around 38-40 per cent, while Jindal would own up to 49 per cent, and eventually 51 per cent.
The board and management would also have a majority of Indian representation, the report had added. A new CEO for the venture with a new brand identity would also be appointed, it had said.
The report added that MG Motor India would also launch its IPO through an offer for sale (OFS).
Also read: JSW Chairman Sajjan Jindal, SAIC finalise terms to buy stake in MG Motor India: Report
Sajjan Jindal-helmed JSW has issued a clarification on reports that the company is in talks with SAIC to overtake MG Motor India. As per the report, MG Motor would cease to be a Chinese company at the completion of the deal that is expected to take place in several phases.
“We hereby confirm that JSW Holdings Limited is not in any discussion as referred to in the captioned news item nor any such proposal has been placed for discussion of the Board or any of its Committees,” it said. Referring to the article by The Economic Times, JSW stated that the report already stated that none of the listed JSW Group entities would be involved in the deal.
It said that it is cognizant of its obligations and would keep its shareholders informed about any such material development or information that could impact its business, financial performance, or stock price.
The report that was published last week had stated that a formal announcement was expected from the company soon, by Diwali. The new alliance between JSW and SAIC would roll out electric cars under the new aegis by January 2024, it stated.
In the beginning a Jindal company would own 32-35 per cent of MG Motor India, with SAIC owning 51 per cent. In the end, SAIC’s holding would be around 38-40 per cent, while Jindal would own up to 49 per cent, and eventually 51 per cent.
The board and management would also have a majority of Indian representation, the report had added. A new CEO for the venture with a new brand identity would also be appointed, it had said.
The report added that MG Motor India would also launch its IPO through an offer for sale (OFS).
Also read: JSW Chairman Sajjan Jindal, SAIC finalise terms to buy stake in MG Motor India: Report