JSA advised and assisted Ford Motor Company and its subsidiaries (“Ford”) in relation to its proposed sale/transfer, to Tata Passenger Electric Mobility Limited (“TPEML”), a subsidiary of Tata Motors Limited (“Tata”), of: (a) land and building owned by Ford India Private Limited (“Ford India”) situated at Sanand, Ahmedabad; (b) all assets, machinery, equipment of Ford India’s Sanand vehicle manufacturing plant (“VM Plant”); (c) all eligible employees of the VM Plant. Further, Ford India would continue the operations of its existing powertrain manufacturing plant at Sanand (“PT Plant”) and for which purpose, it would lease back from TPEML the land, buildings, structures, facilities which pertain to the PT Plant.
Additionally, TPEML has agreed to offer employment to the eligible employees of PT Plant in the event of Ford India’s cessation of such operations. The completion of the transaction will be subject to the receipt of relevant approvals of the government authorities and fulfilment of customary conditions.
Deal value for this transaction is INR 725.7 Crores / US$ 96 million.
Hogan Lovells International LLP assisted with assessment of global anti-trust filing requirements in connection with the transaction. Citi acted as investment banker and Ernst & Young acted as tax advisors to Ford in relation to the transaction.
Tata was advised by AZB & Partners. Deloitte conducted the financial due diligence and acted as tax advisors to Tata.
JSA Transaction Team comprised Lead Partner – Venkatesh Raman Prasad, Partner – Ronak Ajmera, Partner – Shivani Chugh, Senior Associate – Ankita Jain & Sweta Singh, and Associate – Jatin Talwar.
JSA Real Estate Team comprised Partner – Bijal H Chhatrapati, Partner – Bharat Bhushan Sharma, Senior Associate – Mohit Aggarwal, and Associate – Arvind A Parikh.
JSA Competition Team comprised Partner & Head of Practice (Competition Law) – Vaibhav Choukse, Principal Associate – Ela Bali, and Senior Associate – Aditi Khanna.
JSA Tax Team comprised Partner & Head of Practice – Direct Tax – Kumarmanglam Vijay and Associate – Shiv Singhal.
Other JSA Team Members – Assistance on contractual issues concerning financing matters Partner – Nand Gopal Anand.
Aditi is a competition / antitrust lawyer, who recently completed her post-graduation.