DEAL DETAILS
Siemens Limited | Proposed divestment of e-mobility business of Mass-Tech Controls Private Limited
Khaitan & Co advised Siemens Limited in relation to acquisition of the Electric Vehicle (EV) division of Mass-Tech Controls Private Limited on a going concern basis by way of slump sale, subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory, and other approvals / consents. The EV division is engaged in design, engineering and manufacturing of a wide range of AC chargers and 30 to 300kW capacity DC chargers for various end applications for EVs.
The firm was involved in advising on all legal aspects of the transaction including conducting legal due diligence on the EV business division of the target company, drafting, negotiating and finalizing the business transfer agreement and other transaction documents, including various board, other corporate and stock exchange related documents.
The core team consisted of Niren Patel (Partner), Divakar Gupta (Principal Associate) with assistance from the following:
Legal due diligence on EV business division of the target company: Gaurav K Sharma (Associate), Rohan Suril Jhaveri (Associate)
SEBI and stock exchange related aspects: Arindam Ghosh (Partner), Gaurav Malhotra (Principal Associate)
Employment law aspects: Deepak Kumar (Partner)
Competition law aspects: Anshuman Sakle (Partner), Alisha Mehra (Senior Associate)
Quotation by the Client
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “This acquisition will enable Siemens to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers. We welcome colleagues from Mass-Tech Controls into the Siemens family.”
“The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products,” said Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure.
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