Sajjan Jindal, chairman and managing director of JSW group of companies, is reportedly set to own between 45 and 48 percent of carmaker MG Motor India, which is a wholly owned arm of the Shanghai-headquartered SAIC Motor, according to the Economic Times. His majority acquisition would make the company into an Indian entity, with the dealers and Indian employees owning around 5-8 percent. The parent company, SAIC, will hold on to the remaining percentage, the ET report cited multiple sources in the know. MG Motor aims to boost local manufacturing & investment in India, plans IPO by 2028This acquisition plan will ensure that at least 51% of the company will be in Indian control, while the Chinese will become a minority partner with a maximum holding of 49%. Appoint Indians as CEOs, COOs’, Centre tells Chinese handset manufacturersAs part of this transition, the top management and board of the company will have a larger share of Indians. This potential acquisition comes at a time when the Indian government has reportedly asked Chinese smartphone makers to appoint Indian chief executive officers, chief operating officers, chief financial officers, and chief technical officers for their Indian operations.Additionally, the government has also directed them to appoint Indian contract manufacturers, expand local manufacturing down to the component level through joint ventures with Indian businesses, and hire local distributors. At present, there are Chinese distributors for some of these companies that are operating in India.