Khaitan, Trilegal act on minority investment by India-Japan Fund in Mahindra Last Mile Mobility

Mahindra & Mahindra Limited (M&M) and India-Japan Fund (IFJ) have executed a binding agreement for IJF to invest ₹400 crore in Mahindra Last Mile Mobility Limited (MLMML), which houses M&M’s last-mile mobility business including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands.

IJF will invest ₹400 crore at a valuation of up to ₹6,600 crore, resulting in IJF’s ownership ranging between 6.06% and 8.25% stake in MLMML. IJF will join International Finance Corporation as an investor in MLMML.

The deal marks the Fund's first investment since it was set up in August last year

Khaitan & Co advised Mahindra in this transaction.

The core team consisted of Ashraya Rao (Partner), Vidur Sinha (Partner), Ritwik Kulkarni (Principal Associate), Sheldon Dsouza (Senior Associate) and Akhil Thomas (Associate).

Anshuman Sakle (Partner) and Tanveer Verma (Principal Associate) advised on the competition law aspects.

Trilegal advised and assisted IJF in conducting a limited due diligence, and negotiating and finalizing transaction documents and ancillary documents.

The Firm's Corporate Partners Harsh Maggon and Pranav Atit, led the deal along with Kirti Balasubramanian (Partner, Intellectual Property) and Rahul Arora (Partner, Real Estate).

Other attorneys who supported the deal were Mansi Jain (Senior Associate), Disha Jha (Senior Associate), Muffaddal Bohra (Senior Associate), Ritika Dhabaria (Associate), Janeesha Singh (Associate), Jesica Thakkar (Associate) and Ankita Biswas (Associate).

$600 million India-Japan Fund (IJF) with JBIC and Government of India (GoI) as anchor investors to focus on environmental sustainability and low carbon emission strategies and aims to play the role of being a ‘partner of choice’ to further enhance Japanese investments into India.

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