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Info Edge Gets CCI Nod For 8% Stake Buyout In MG Motor India
Inc42
·
1y ago
Medial
Chinese automotive manufacturer SAIC Motor-owned MG Motor India has been actively operating in the Indian electric vehicle market. The company recently entered into a joint venture with JSW Group to produce electric and internal combustion engine cars. Info Edge India Fund has received approval from the Competition Commission of India to acquire an 8% stake in MG Motor India. This acquisition will grant Info Edge India Fund 8.70% of the voting and economic rights. MG Motor India has also ventured into the metaverse with its MGverse platform and partnered with Tata Power to install superfast chargers for electric vehicles at select MG dealerships.
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360 ONE group gets CCI nod to acquire certain businesses of UBS
Economic Times
·
1m ago
Medial
The Competition Commission of India (CCI) has approved 360 ONE group's acquisition of certain businesses from Switzerland-based UBS AG. 360 ONE will acquire portfolio management services and other financial offerings from UBS's Indian subsidiaries, including Credit Suisse Securities. Additionally, CCI approved UBS's acquisition of a 4.95% stake in 360 ONE WAM. This transaction aims to enhance wealth management services and provide value to clients, employees, and shareholders of both companies.
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Exclusive: MG Motor India set to bring private equity fund to its captable
VCCircle
·
1y ago
Medial
MG Motor India is reportedly planning to bring a private equity fund on board as a new investor. The move comes as MG Motor's parent company, SAIC Motor, seeks to divest its stake in the Indian automaker. SAIC Motor, which is China's largest automaker and the tenth largest globally in terms of revenues, recently partnered with JSW Group to facilitate the divestment process. Details about the private equity firm and the terms of the investment have not been disclosed yet.
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Slice's merger with North East Small Finance Bank gets CCI nod
Inshorts
·
1y ago
Medial
The Competition Commission of India (CCI) on Tuesday approved the merger of fintech startup slice's parent Garagepreneurs Internet Private Limited and North East Small Finance Bank. The merger received approval from the RBI last year. The startup, which became a unicorn in 2021, announced acquiring a 5% stake in the Guwahati-headquartered bank in March 2023.
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JSW Group, MG Motor India to roll-out first model under new JV
Thehindubusinessline
·
1y ago
Medial
MG Motor India, in a joint venture with JSW Group, is set to launch its MG5 sedan in India on March 20. The event will also mark JSW Group's acquisition of a 38% stake in MG Motor India, as well as an announcement about future investments in the automobile venture. While SUVs dominate the Indian market, MG's decision to introduce a sedan reflects a unique approach. The MG5 offers style, comfort, and practicality, aiming to appeal to buyers seeking a well-equipped car with a dynamic driving experience.
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Hyundai Motor India records highest-ever sales of 7.77 lakh units in FY24
Thehindubusinessline
·
1y ago
Medial
Hyundai Motor India (HMIL) announced that it achieved its highest-ever domestic sales in the financial year 2023-24, with 6.14 lakh units sold, an 8.3% increase from the previous year. The company also recorded its highest-ever annual total sales of 7,77,876 units, an 8% growth compared to FY 2022-23. Toyota Kirloskar Motor and Mahindra & Mahindra also reported significant sales growth, while MG Motor India experienced a decline in retail sales.
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Info Edge Gets Nod To Invest INR 30 Cr In Its Subsidiary Redstart Labs
Inc42
·
10m ago
Medial
Info Edge, an online classifieds company, plans to invest in CCDs worth INR 30 lakh. The investment will be utilized to meet capital requirements, explore new opportunities, and finance general purposes. The company's shares on the BSE ended 3.6% lower at INR 7654.75.
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TIGA Gets CCI Nod To Acquire Stake In Dream11, Tencent To Offload Entire Stake
Inc42
·
11m ago
Medial
Tiga Investments has received approval from the Competition Commission of India (CCI) to acquire a stake in Dream Sports Inc, the parent company of real money gaming major, Dream11. This transaction involves Tiga Acquisition Corp III purchasing preferred stock and certain rights from an existing shareholder of Dream Sports. Additionally, it has been reported that Tencent Holdings, a backer of Dream11, is considering selling its entire stake in Dream Sports.
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Wellington Management gets CCI nod to acquire stake in Porter
YourStory
·
3m ago
Medial
The Competition Commission of India (CCI) has approved US-based Wellington Management's acquisition of a stake in SmartShift Logistics Solution, Porter's parent company. The acquisition, under the green channel route, involves Wellington Hadley Harbor acquiring shares from existing shareholders Peak XV Partners and Lightrock Growth Fund and subscribing to Series F preference shares. Porter's activities face no competition concerns, and it recently raised $200 million in a Series F round, becoming a unicorn.
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MG Motor India signs pact with Vertelo to deliver 3,000 EVs
Money Control
·
1y ago
Medial
MG Motor India has signed a memorandum of understanding with integrated fleet electrification platform Vertelo to deliver 3,000 electric vehicles (EVs) in a phased manner. The partnership aims to provide sustainable mobility solutions and establish a robust EV charging infrastructure in India. Vertelo, a fleet electrification platform backed by Macquarie Asset Management and the Green Climate Fund, plans to purchase around 3,000 electric cars from MG Motor India to accelerate fleet electrification and achieve net-zero emissions. MG Motor India's current EV lineup includes the Comet and ZS EV.
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JSW Group to increase stake in JSW MG Motor India amid SAIC's exit from Indian Market
Economic Times
·
1m ago
Medial
JSW Group plans to increase its stake in JSW MG Motor India, a joint venture with SAIC Motor. SAIC is prioritizing investments in China and Europe, reducing focus on India. JSW aims to become the largest shareholder in the venture, which manufactures the Hector SUV and Windsor EV. Additionally, JSW is pursuing licensing agreements with Chinese automakers to boost its electric vehicle offerings, focusing on localization amid geopolitical tensions with China.
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