JSA Advocates and Solicitors (JSA) advised Forsee Power S.A. (“Forsee France”) on the formation of a joint venture in India, Forsee Power India Private Limited (“Forsee India”), with the joint venture partner, Varroc Engineering Limited (“Varroc”). 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. Completion of the transaction is subject to fulfilment of the agreed conditions precedent.
JSA 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. It also marks Forsee France’s first joint venture anywhere in the world.
Forsee France specialises in battery systems for commercial and industrial electric vehicles, including light vehicles, off-highway vehicles, buses, trucks and trains. With a presence across Europe, Asia and North America, the company designs, assembles and supplies energy management systems based on robust battery cells, and provides installation, commissioning and maintenance services both on-site and remotely.
The JSA 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.
Kartik’s key focus area is Mergers & Acquisitions as well Private Equity transactions. He has assisted clients from the inception of the acquisition, contributed during negotiations and helped in completion of the transaction.