ZF Friedrichshafen’s Sale of Brakes India

ZF Friedrichshafen's Sale of Brakes India

atham & Watkins and Shardul Amarchand Mangaldas & Co. advised ZF Friedrichshafen AG on the deal.

ZF Friedrichshafen AG (ZF) executed the sale of its stake in Brakes India Private Limited (Brakes India), a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings.

The divestment was part of the merger approval process for the indirect acquisition of publicly listed WABCO India Limited (WABCO India) in connection with ZF’s acquisition of global automotive supplier WABCO. The Competition Commission of India (CCI) required ZF to divest its stake in Brakes India (a long-standing joint venture between TVS and ZF). Post this divestment, ZF will neither directly nor indirectly retain any shareholding in Brakes India.

In parallel to the Brakes India transaction, for regulatory reasons ZF was also required as a majority shareholder to own not more than 75% of the shares in WABCO India. Therefore, excess shares are being sold back to the stock market. Going forward, ZF will continue to be the majority shareholder of WABCO India. 

ZF is a global technology company suppling systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.

Latham represented ZF in the transaction with a team led by Hamburg partner Stefan Widder (Picture), with associate Maximilian Berenbrok, London partners Richard Butterwick and Anna Ngo, associate Ei Nge Htut and New York capital markets partner Catherine Lee.

The Shardul Amarchand team was led by Aparna Mehra, Partner; Ritwik Bhattacharya, Principal Associate; Rahul Shukla, Senior Associate; Abhiruchi Jhawar, Associate; and Kshitij Sharma, Associate. Pallavi Shroff, Managing Partner, provided strategic advice on the deal. The transaction team was led by Raghubir Menon, Partner; Anirban Bhattacharya, Partner; Tanmayee Chaulkar, Senior Associate; Pranav Sethi, Associate; and Akshita Singal, Associate. The litigation team was led by Aashish Gupta, Partner; Arjun Pall, Principal Associate; Rakshit Jha, Associate; and Alind Chopra, Associate. Tax Team was led by Amit Singhania, Partner; Gouri Puri, Partner; and Rajat Bose, Partner; Nimish Malpani, Associate; and Neeladri Chakrabarti, Consultant. Projects and Projects Finance Team was led by Deepto Roy, Partner; Dnyanraj Desai, Principal Associate; and Mayank Bhardwaj, Senior Associate.

JSA and CAM Competition team advised TVS, Impal Motor Parts and Accessories Limited, Flometallic India Private Limited and Sundaram Financial Holdings Limited on legal aspect. Transaction Square advised TVS, Impal Motor Parts and Accessories Limited, Flometallic India Private Limited and Sundaram Financial Holdings Limited on financial aspect.

Involved fees earner: Pranav Sethi – Khaitan & Co.; Maximilian Berenbrok – Latham & Watkins; Richard Butterwick – Latham & Watkins; Ei Nge Htut – Latham & Watkins; Catherine Lee – Latham & Watkins; Anna Ngo – Latham & Watkins; Stefan Widder – Latham & Watkins; Mayank Bhardwaj – Shardul Amarchand & Mangaldas & Co.; Ritwik Bhattacharya – Shardul Amarchand & Mangaldas & Co.; Anirban Bhattacharya – Shardul Amarchand & Mangaldas & Co.; Rajat Bose – Shardul Amarchand & Mangaldas & Co.; Neeladri Chakrabarti – Shardul Amarchand & Mangaldas & Co.; Tanmayee Chaulkar – Shardul Amarchand & Mangaldas & Co.; Alind Chopra – Shardul Amarchand & Mangaldas & Co.; Dnyanraj Desai – Shardul Amarchand & Mangaldas & Co.; Aashish Gupta – Shardul Amarchand & Mangaldas & Co.; Rakshit Akshay Jha – Shardul Amarchand & Mangaldas & Co.; Abhiruchi Jhawar – Shardul Amarchand & Mangaldas & Co.; Nimish Malpani – Shardul Amarchand & Mangaldas & Co.; Aparna Mehra – Shardul Amarchand & Mangaldas & Co.; Raghubir Menon – Shardul Amarchand & Mangaldas & Co.; Arjun Pall – Shardul Amarchand & Mangaldas & Co.; Gouri Puri – Shardul Amarchand & Mangaldas & Co.; Deepto Roy – Shardul Amarchand & Mangaldas & Co.; Kshitij Sharma – Shardul Amarchand & Mangaldas & Co.; Pallavi Shroff – Shardul Amarchand & Mangaldas & Co.; Rahul Shukla – Shardul Amarchand & Mangaldas & Co.; Akshita Singal – Shardul Amarchand & Mangaldas & Co.; Amit Singhania – Shardul Amarchand & Mangaldas & Co.;

Law Firms: Khaitan & Co.; Latham & Watkins; Shardul Amarchand & Mangaldas & Co.;

Clients: ZF Friedrichshafen AG;