JSA represented Brakes India Private Limited, T.V. Sundram Iyengar & Sons Private Limited (TVS & Sons), India Motor Parts & Accessories Limited (IMPAL), Flometallic India Private Limited (Flometallic) and Sundaram Finance Holdings Limited (SFHL) in the acquisition of shareholding in Brakes India from its joint venture partner, ZF Friedrichshafen AG (ZF), on 22 June 2021.
Recently, ZF acquired WABCO Holdings, Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding in Brakes India to TVS & Sons, SFHL, IMPAL and Flometallic. On value finalisation for the foreign joint venturer’s stake, the joint venture partners were required to seek CCI approval for the structure and adhere to CCI timelines for exit.
Alongside, the share divestiture and having successfully worked together for over five decades, ZF will continue its technology license and supply agreements with Brakes India.
The JSA team comprised of Lead Partner – Aarthi Sivanandh and Partner – Shafaq Sapre; Senior Associate – Bhargavi Ravi; and Associate – Shika Suresh.