backKing & Spalding advised Abdul Latif Jameel (ALJ) on their definitive agreement to subscribe for 35% of equity shares in Greaves Electricity Mobility Private Company for US$150 million, with a further commitment to increase its stake by an additional US$70 million.
This investment would make ALJ the second largest shareholder in Greaves Electricity Mobility, which is one of the fastest growing electric vehicle brands in India, offering affordable, accessible and environmentally friendly two-wheeled and three-wheeled electric vehicles to consumers in India. This venture builds on ALJ’s extensive global experience in the automotive market as one of the leading independent distributors of Toyota products in Saudi Arabia for over 65 years and aligns with ALJ’s strategic vision on investing in mobility products, having been an early investor in US electric vehicle manufacturer Rivian.
This transaction was led by Parveet Singh Gandoak, with support from Michael Ng, Zoe Bromage and Connie Ye.