Forsee Power S.A. is forming a joint venture in India with Varroc Engineering Limited, Forsee Power India Private Limited.
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, the establishment of shareholders’ and governance rights between Forsee France and Varroc, and the licensing of technology by Forsee France to Forsee India.
JSA Advocates and Solicitors advised Forsee Power on this JV. The Firm provided comprehensive, end-to-end legal assistance to Forsee France, including transaction structuring and the drafting, review and negotiation of transaction documents. The transaction involved a complex earnout payment structure that had to be incorporated into the transaction documentation.
The transaction team was led by Kartik Jain (Partner), and comprised Dushyant Thakur (Senior Associate), Anmol Mahajan (Associate), Rachit Beejawat (Junior Associate) and Alisha Chawla (Senior Company Secretary).
Completion of the transaction is subject to fulfilment of the agreed conditions precedent.
Forsee France specialises in battery systems for commercial and industrial electric vehicles, including light vehicles, off-highway vehicles, buses, trucks and trains.
The transaction marks Forsee France’s first joint venture anywhere in the world.
Forsee Power India brings established expertise in battery-pack technology and systems, while Varroc contributes automotive engineering capabilities, established OEM relationships and cost-effective, world-class manufacturing expertise.
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