Cyril Amarchand Mangaldas acted as legal counsels to Roop Automotives Limited and its existing promoters i.e. Mr. Mohit Oswal (Managing Director) and Mr. Gaurav Jain (Director), in respect of acquisition of a controlling stake in Roop by Carlyle Group.
Further, as part of the larger transaction, Carlyle Group, has also acquired a controlling stake in Highway Industries Limited (“Highway”) Roop and Highway, together, shall comprise Carlyle Group’s auto parts platform entity in India.
Roop is engaged in the business of manufacturing steering Yokes (both cold/hot and ferrous/non-ferrous forging, sheet metal), Steering Joints, Slip Shaft Assemblies, I Shaft Assemblies, Steering Columns, Differential Housing, Steering Gearbox housing, Axle drive shafts, Tie Rod Ends & Ball Joints, Propeller Shaft Yokes, Spindle Axle, Arms & Levers, Connecting Rods etc, and supplies to both domestic and international OEMs, and to Tier 1 and Tier 2 suppliers.
Highway is a global supplier of automotive high precision steel forging components. Highway’s customers include 2-wheeler, 4-wheeler, tractor, off Road Vehicle Manufacturers, White Good Manufacturers and it is a Tier 1 supplier to various domestic and international OEMs.
The transaction team was led by Anchal Dhir, Partner, Aditi Manchanda, Partner; and Jay Parikh, Partner; with support from Varun Kannan, Senior Associate; and Swini Khara, Associate.
Avaantika Kakkar, Partner & Head — Competition, Dhruv Rajain, Partner with support from Swaha Sinha, Senior Associate provided assistance on competition law related aspects.
Arun Prabhu, Partner & Head — Technology; with support from Kanav Khanna, Associate provided assistance on Information Technology /Data Protection related aspects.
Swati Sharma, Partner & Head – Intellectual Property; with support from Sandeep Pandey, Principal Associate; provided assistance on IP Law related aspects.
Bishen Jeswant, Partner; provided inputs on employment law related aspects.
The transaction was signed on 17 September 2024. CCI approval for the transaction was received on 7 January 2025.