Shardul Amarchand Mangaldas & Co (SAM) and JSA advised on Varroc Engineering and Forsee Power’s joint venture in India.
Varroc Engineering Limited, an Indian listed automotive component manufacturer, and Forsee Power S.A., a France-based battery manufacturing company, have entered into a strategic joint venture involving Forsee Power India Private Limited. Under the transaction, Varroc will acquire a 45% stake in Forsee Power India, with the joint venture aiming to strengthen and scale up the manufacturing of lithium-ion battery systems, including battery management systems, for electric vehicles in India.
The transaction involves the sale of Forsee France’s equity shares in Forsee India to Varroc, the issuance of equity shares and optionally convertible redeemable preference shares (OCRPS) by Forsee India to Varroc, and the establishment of shareholders’ and governance rights between Forsee France and Varroc. Forsee has also agreed to grant the company an exclusive, royalty-bearing technology licence for the manufacturing and supply of its battery systems in India and the SAARC region. Completion of the transaction is subject to fulfilment of the agreed conditions precedent.
Shardul Amarchand Mangaldas & Co advised Varroc Engineering Limited on the transaction.
The transaction team was led by Partners Rudra Kumar Pandey and Amanjot Malhi, and comprised Principal Associate Jyoti Gautam Tanwar, Senior Associates Deepti Pandey and Rachit S. Grover, and Associate Adrija Ghosh. The intellectual property team comprised Partner Dev Robinson, Senior Associate Aishwarya Chaturvedi, and Associate Shivali Prasad.
JSA advised Forsee Power S.A. on the formation of a joint venture in India, Forsee Power India Private Limited with the joint venture partner, Varroc Engineering Limited.
The team was led by Partner Kartik Jain, and comprised Senior Associate Dushyant Thakur, Associate Anmol Mahajan, Junior Associate Rachit Beejawat and Senior Company Secretary Alisha Chawla.
