Khaitan & Co and Trilegal assist on a binding agreement between India-Japan Fund (IJF) and Mahindra & Mahindra for a INR4 billion (USD48.3 million) investment into M&M’s mobility subsidiary.
The agreement will see IJF’s stake in Mahindra Last Mile Mobility valued up to INR66 billion and ranging between 6.06% and 8.25%. This move results in IJF becoming a key investor alongside the International Finance Corporation.
Partners Ashraya Rao and Vidur Sinha led the Khaitan team for M&M, with the assistance of principal associate Ritwik Kulkarni, senior associate Sheldon D’souza and associate Akhil Thomas. Partner Anshuman Sakle and principal associate Tanveer Verma advised on the competition law aspects of the transaction.
Trilegal partners Harsh Maggon, Pranav Atit, Kirti Balasubramanian and Rahul Arora led the team advising IJF on conducting due diligence, as well as negotiating and finalising the transaction and ancillary documents. Senior associates Mansi Jain, Disha Jha and Muffaddal Bohra, along with associates Ritika Dhabaria, Janeesha Singh, Jesica Thakkar and Ankita Biswas also assisted the team.
M&M is a distinguished leader in the automotive, farm and services sectors. Mahindra Last Mile Mobility produces the conventional and electric three-wheeler (Alfa Treo and Zor) and four-wheeler brand of small commercial vehicles (Jeeto).
The National Investment and Infrastructure Fund manages the USD600 million IJF, with the Japan Bank of International Co-operation and the government of India as anchor investors.
