Ronak Ajmera

  • Partner
  • +91 124 439 0729
  • Gurugram
Ronak Ajmera, Partner, JSA

Ronak specializes in the areas of mergers and acquisitions, private equity, joint ventures, strategic collaborations and corporate / business restructuring. In addition, he regularly handles assignments relation to contracting (commercial and corporate contracts) and general corporate advisory.

Ronak has over 11 years of post-qualification experience. Prior to joining JSA, he has worked at Khaitan & Co, Mumbai and Amarchand & Mangaldas & Suresh A. Shroff & Co., Mumbai (now Cyril Amarchand Mangaldas). His last assignment was with Lakshmikumaran & Sridharan, Mumbai.



Bar Council of Maharashtra & Goa



  • B.S.L., LL.B, ILS Law College, University of Pune (2009)
  • Company Secretaries (Intermediate), Institute of Company Secretaries of India



  • English
  • Hindi
  • Gujarati
  • Bengali (Rudimentary)

Some of the key assignments in these areas handled and being handled by Ronak amongst others, cover the following:-

  • Advised Ford Motor Company in relation to the proposed joint venture with Mahindra & Mahindra Limited (2018-2020) – Deal Value – INR 19.25 billion
  • Advised Hero MotoCorp Limited in relation to its participation in the Series B Investment and bridge financing rounds in Ather Energy Private Limited, an electronic two wheeler Indian start-up (2016-17 & 2018-19) – Deal Value: INR 1.8 billion and INR 1.3 billion
  • Advised Hero FinCorp Limited and its promoter group entities in relation to investment rounds undertaken by Hero FinCorp Limited with participation by ChrysCapital, Credit Suisse, Apis Partners and certain promoter group entities of Hero FinCorp Limited (2016 and 2019-20) – Deal Value: INR 10.02 billion and INR 10.75 billion
  • Advised Spirotech Heat Exchangers Private Limited and its promoters in relation to sale of 95% shareholding by the promoters of Spirotech Heat Exchangers Private Limited to the Indian subsidiary of Lu-Ve S.p.A (2016)
  • Advised the Accor Group in relation to sale of 40% shareholding in Barque Hotels Limited, an Indian company engaged in the business of owning hotels under the ‘Formule 1’ brand, to SAMHI Hotels Private Limited (2016-17)
  • Advised Hero Cycles Limited in relation to its joint venture with Changzhou Youon Public Bicycle System Co. Ltd. for establishing public bicycle sharing systems in India, including structuring related advice concerning the joint venture (2017-18)
  • Advised Napino Auto & Electronics Limited in relation to its joint ventures with Continental Automotive Holding Netherlands B.V. for electronic fuel injection systems (2016-17) and for two-wheeler instrument clusters (2017-18)
  • Advised RICO Auto Industries Limited in relation to its proposed joint venture with Ultra Fairwood Pte Limited for implementation of driverless personal rapid transit system in India (2018)
  • Advised Hero FinCorp Limited in relation to its potential acquisition of majority shareholding in a general insurance company in India, including advice on structuring of the transaction (2017)
  • Advised the Jindal Group in relation to transfer of their participating interest in oil fields in Georgia to Schlumberger (2016-17)


Some key matters handled by Ronak in previous assignments include the following:

  • Advised a Japanese corporation in relation to a proposed joint venture with a leading Indian corporate house (2013-14)
  • Advised a Japanese corporation on the merger of its Indian listed pharmaceutical subsidiary with a leading Indian listed pharmaceutical company (2014-15) – Deal Value: USD 4 billion
  • Advised a leading private equity investor on its investment in a jewellery company in India (2014) – Deal Value: USD 200 million
  • Advised a leading Indian stock exchange in relation to its strategic acquisition of a substantial stake in a SEBI registered registrar and share transfer agent (2013-14) – Deal Value: INR 3.50 billion
  • Advised a South Africa based e-commerce group in relation to its strategic acquisition of 100% stake in an Indian online bus ticketing company (2013) – Deal Value: USD 100 million
  • Advised a leading private equity investor (on India leg) in relation to its exit from an off-highway tyre manufacturing company (2012-13) – Deal Value: USD 400 million
  • Advised on a private equity backed strategic acquisition by a US based IT Company of a controlling stake in an Indian listed IT company (2010-11) – Deal Value: USD 1.2 billion
  • Advised on sale of a controlling stake by the promoter group of an Indian listed paper manufacturing company to a US-based paper manufacturer (2011) – Deal Value: INR 15 billion
  • Advised a leading Indian corporate in relation to its software licensing arrangement with a US-based software developer in respect of 4G / LTE services (2014-15)
  • Advised on a distressed sale of hotel business by promoter families to an existing hotel chain (2015) – Deal Value: INR 1 billion
  • Advised one of the Big Four Accounting Firms in relation to a joint venture amongst its UK, Canadian and Indian entities (2012-13)
  • Advised on the demerger of the cement division of a listed Indian company of a leading business group (2011-12)