Khaitan & Co, Argus Partners, and Wadia Ghandy & Co. advised on RSB Transmissions’ acquisition of ~76% stake in Setco Auto Systems.

RSB Transmissions (I) Limited, along with Bain Capital, has entered into agreements to acquire approximately 76% stake in Setco Auto Systems Private Limited (SASPL) from Setco Automotive Limited and India Resurgence Fund (IndiaRF), in a multi-stage transaction valued at up to ₹510 crore, along with additional deferred and non-compete considerations.

The transaction involves an initial acquisition of approximately 41% stake, followed by a subsequent tranche linked to performance milestones. The deal is subject to shareholder approvals and other customary closing conditions.

Khaitan & Co advised RSB Transmissions and Bain Capital on the proposed acquisition.

The team included Shishir Vayttaden, Radhika Agarwal, Srikanth Mantravadi, Neekesh Shetty, Shreyas Bapat, Atif Ahmed, Ansif Latheef, Devyani Modi, Devika Vasandani and Nikhil Dave; with assistance from Anshuman Sakle and Anisha Chand (Competition Law), Prateek Desai (Debt Structuring and Acquisition Financing), Mehul Shah (Corporate Restructuring), Sudhir Bassi, Aditya George Cheriyan, Tomu Francis, Abhishek Dadoo and Gaurav Malhotra (SEBI, Capital and Public Markets), Harsh Khemka (W&I), Vanita Bhargava (ESG), Amit Wadhwani, Deepak Kumar, Karun Mehta, Shailendra Bhandare, Sneha Janakiraman, Supratim Chakraborty, Vinay Joy and Madhav Khosla (Due Diligence).

Argus Partners advised India Resurgence Fund on the sale of its stake in Setco Auto Systems Private Limited.

The team included Partners Adity Chaudhury, Aastha and Arka Majumdar; Senior Associate Umang Pathak; and Associates Dharma Teja Palada, Anika Sharma and Dharani Maddula.

Wadia Ghandy & Co. Acted as legal advisor to Setco Automotive Limited in relation to the transaction.