JSW in talks to buy out PE Everstone’s 8% in MG India – Newz9

CHENNAI: Sajjan Jindal-promoted JSW Group is known to be in superior negotiations with personal fairness funds Everstone Capital to buy out its 8% stake in MG India. According to sources with data of the matter, the discussions are a part of JSW’s curiosity in growing its stake in MG India and the talks are actually centered on valuations and the premium to be paid.
When contacted, JSW didn’t reply to an electronic mail question. The MG India spokesperson mentioned that the corporate doesn’t have any feedback. Everstone additionally didn’t remark.
Currently, JSW Group owns 35% stake in the corporate whereas Everstone Capital has 8% stake and one other 8% is owned by MG sellers and workers. If the negotiations with Everstone undergo, JSW will find yourself with 43% stake (together with the PE agency’s 8%) which continues to be wanting majority shareholding. At the second it isn’t clear if JSW will make a bid to purchase extra stake (from MG sellers and workers), ought to the negotiations with Everstone undergo.
MG India’s Chinese guardian SAIC holds the remaining 49% stake. The three way partnership between JSW and SAIC – JSW MG Motor India – was shaped in late 2023. At that time, MG India management had introduced that the buyers had been placing in over Rs 5,000 crore in the corporate. Sources say the valuation of the 8% stake might be Rs 1,000-1,200 crore.