CCI approves acquisition of shares of MG Motor India Private Limited by IndoEdge India Fund – Large Value Fund (LVF) Scheme

The Competition Commission of India (CCI) has approved the acquisition of shares of MG Motor India Private Limited by IndoEdge India Fund – Large Value Fund (LVF) Scheme.

The proposed combination relates to the acquisition of up to approximately 8% of the share capital (8.70% of the voting and economic rights) of the MG Motor India Private Limited (Target) along with certain rights by the IndoEdge India Fund – LVF Scheme (Acquirer) (Proposed Combination).

The Acquirer is a large value fund for accredited investors, a scheme by IndoEdge India Fund (IndoEdge). IndoEdge is a contributory determinate trust registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund, under the SEBI (AIF) Regulations, 2012.

The Target is a company incorporated in India, engaged in the automobile original equipment manufacturing business and after sale services. The Target is primarily engaged in the manufacture and sale of passenger cars (including electronic vehicles) under the Target’s brand ‘MG’.

Detailed order of the CCI will follow.