JSA Advocates & Solicitors advised Hintastica Private Limited, a 50:50 joint venture between Hindware Home Innovation Limited and France-based Groupe Atlantic, on the sale of its water heater manufacturing facility, along with certain associated assets, located in Telangana, to Ariston Water Heating Products India Private Limited. Ariston Water Heating Products India Private Limited is a subsidiary of the global Ariston Group, which markets its products in India under the premium brand ‘Racold’.
The transaction represents a significant milestone for both parties. For Ariston, the acquisition enables the manufacture of state-of-the-art, Made-in-India water heating products at the Telangana facility, reinforcing its long-term commitment to the Indian market. For Hintastica, the transaction supports its strategic transition towards an asset-light operating model in India, allowing the joint venture to sharpen its focus on market development, product innovation, and expansion of its consumer reach.
Following the closing of the transaction, Ariston will continue to supply a range of products from the facility to Hintastica, ensuring business continuity and a smooth operational transition while enabling the joint venture to concentrate on brand-building and growth initiatives.
JSA advised on the overall structuring and execution of the transaction, including compliance with the allotment regulations issued by the Telangana State Industrial Infrastructure Corporation Limited (TSIIC). The firm also assisted with the transfer and regulatory compliance of multiple operational permits and licences forming part of the transaction.
The transaction required careful and nuanced structuring to address specific conditions governing the transfer of land allotted by TSIIC, as well as various conditionalities attached to the operational permits and licences. In addition, the existence of charges over certain assets added further complexity, necessitating tailored solutions to ensure their release or appropriate treatment at closing.
The JSA team was led by Partner Manvinder Singh with support from Senior Associate Jahanvi Grover and Associate Sharique Uddin.
Manvinder has a practice of more than 20 years and specializes in acquisitions, private equity & venture capital investments. Manvinder regularly advises leading global private equity funds in structuring and concluding their investments in Indian companies.