IJF Invests $48.3 Million in M&M’s Mobility Subsidiary with Legal Guidance from Khaitan and Trilegal
IJF Invests $48.3 Million in M&M’s Mobility Subsidiary with Legal Guidance from Khaitan and Trilegal
Khaitan & Co and Trilegal have played integral roles in facilitating a binding agreement between the India-Japan Fund (IJF) and Mahindra & Mahindra. The agreement entails a substantial ₹4 billion ($48.3 million) investment into M&M’s mobility subsidiary.
This strategic move strengthens Mahindra’s position in the last-mile mobility business, including three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands. The IJF’s investment, valued at up to ₹6,600 crore, represents a significant milestone for both parties. As part of this collaboration, the IJF joins the International Finance Corporation as an investor in the mobility subsidiary. This transaction marks the IJF’s inaugural investment since its establishment in August 2023.
Khaitan & Co orchestrated the transaction, with Partners Ashraya Rao and Vidur Sinha at the helm for M&M. Their adept leadership was complemented by the contributions of principal associate Ritwik Kulkarni, senior associate Sheldon D’souza and associate Akhil Thomas. Additionally, Partner Anshuman Sakle and principal associate Tanveer Verma provided valuable insights on the competition law aspects of the deal.
Trilegal’s team, led by partners Maggon, Pranav Atit, Kirti Balasubramanian and Rahul Arora played a key role in advising the IJF, Their responsibilities encompassed conducting due diligence, negotiating, and finalizing the transaction and ancillary documents. The team also received valuable support from senior associates Mansi Jain, Disha Jha and Muffaddal Bohra, along with associates Ritika Dhabaria, Janeesha Singh, Jesica Thakkar and Ankita Biswas.
The National Investment and Infrastructure Fund (NIIF) collaborated with the Japan Bank of International Co-operation (JBIC) to launch a $600 million IJF. In this joint initiative, the Government of India and JBIC serve as anchor investors. The IJF’s primary focus lies in investing in environmental sustainability and low carbon emission strategies further enhancing Japanese investments in India.
