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.

Combination approval: IndoEdge LVF to acquire a minority stake and certain rights in MG Motor India. Approval of a proposed combination where IndoEdge India Fund - Large Value Fund (LVF) Scheme will acquire up to approximately eight percent of MG Motor India Private Limited's share capital, encompassing specified voting and economic rights and certain attendant rights; the Acquirer is a Category II alternative investment fund for accredited investors and the Target is an Indian automobile original equipment manufacturer chiefly engaged in manufacture and sale of passenger cars, including electric vehicles. A detailed regulatory order will follow.