Penningtons Manches’ corporate and India group teams have advised Indian public company Bharat Forge Limited (BFL), on its strategic £10 million investment in UK electrical vehicle manufacturer Tevva Motors.
Tevva manufactures “the world’s greenest trucks” and has a proven track record in commercialising automotive, electric vehicles and battery technologies. Its ground-breaking patented software ensures only electric drive is used in low carbon zones.
Based in Pune, in the Western state of Maharashtra, Bharat Forge is India's largest manufacturer and exporter of automotive components and the world’s leading chassis component manufacturer. The company is part of the Kalyani Group, a $2.5 billion conglomerate with a global work force of 10,000. BFL is a technology-driven leader in metal forming with a transcontinental presence across ten manufacturing locations.
The investment in Tevva Motors grants Bharat Forge a license for commercialisation of the Tevva technology within India, and also allows it to strengthen its research and development activities in the e-mobility space.
India group client partner Rustam Dubash and corporate partner Simon Bickerdike led the Penningtons Manches team, supported by commercial and IP partner, Joanne Vengadesan and corporate associate, Elisa De Carolis.
Rustam Dubash commented: “We’re delighted to have advised Bharat Forge on its investment in Tevva Motors as they bring focused and state-of-the-art electrical vehicle powertrain solutions to their customers in India and worldwide.”
Penningtons Manches’ dedicated India group specialists are recognised as advisers of choice in the EMEA–India corridor. They offer significant experience in India and an in-depth understanding of the global transactional environment.