JSW Interested To Buy Out PE Everstone’s 8% Stake In MG India: Report

Sajjan Jindal promoted- JSW Group is in talks with the private equity fund Everstone Capital to buy out its 8 per cent stake in MG India, according to a report in TOI. The stake is expected to be evaluated at Rs. 1000-2000 crore. JSW currently owns a 35 per cent stake, while the parent company SAIC owns 49 per cent.

If the negotiations do go through, JSW’s stake will go up to 43 per cent. MG dealers and employees own the remaining 8 per cent stake. Will there be a bid for more stake by JSW remains to be seen. For now, even if the JSW acquires Everstone’s share in the company, it will still fall short of owning a majority stake in the company.

JSW MG Motor India is eyeing the EV space in the country and has already made waves with the Windsor. The company has already sold 10,045 units of the car in the country which accounts for 49 per cent of the company’s sales in the country. With this, the company now gets the distinction of being in the No. 2 spot when it comes to EV sales in the calendar year 2024.