JSA advises Volvo on NBFC joint venture with Eicher Motors

Eicher Motors Limited is set to invest ₹750 crore to subscribe to 50% of the equity share capital of Volvo Financial Services (India) Private Limited.

JSA Advocates & Solicitors advised the Volvo Group on this transaction. The Firm provided end-to-end assistance in relation to the proposed joint venture, including structuring the deal, drafting, negotiation and finalization of the letter of intent, definitive transaction documents, including the Share Subscription Agreement and Joint Venture Agreement, advising on RBI regulatory considerations and implementation-related aspects of the proposed joint venture.

The transaction team was led by Upendra Nath Sharma (Partner) and Kartik Jain (Partner), with support from Zeni Arora (Principal Associate) and Yash Wardhan Tiwari (Senior Associate).

The Banking & Finance team comprised Nand Gopal Anand (Partner) and Harshit Dusad (Partner).

Kumarmanglam Vijay (Partner and Head of Practice, Direct Tax), advised on specific direct tax related queries.

Volvo Financial Services India is a middle layer non-deposit taking non-banking financial company registered with the Reserve Bank of India and is currently engaged in the business of providing financing, leasing, and other financial services to customers and dealers of Volvo Group entities, and VE Commercial Vehicles Limited, in India.

The transaction is subject to the receipt of requisite approval from the RBI and satisfactory completion of the conditions precedent and closing actions, pursuant to which, Volvo and Eicher will each hold 50% shareholding in the proposed joint venture.

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