Amarchand & Mangaldas & Suresh A. Shroff & Co. advised Sumitomo Corporation Japan and SMAS Auto Leasing India Private Limited on all aspects of the transaction, including on (a) conducting a legal due diligence on COR; (b) legal, structural and regulatory aspects of the transaction; (b) drafting, review and negotiation of all transaction documents, including the Business Transfer Agreement and several ancillary agreements; and (c) drafting, review and negotiation of various closing-related documents as well as all closing related formalities.

The Firm also assisted in the incorporation of SMAS India and certain secretarial and legal compliances such as drafting of resolutions, carrying out requisite filings with the Registrar of Companies and obtaining certain registrations on behalf of SMAS India. Puja Sondhi, Partner, RamanujGopalan, Principal Associate, SushrutBiswal, Senior Associate and Vasudha Sharma, Associate.

Amit Singhania, Principal Associate, MekhlaAnand, Principal Associate and GouriPuri, Senior Associate, advised on the tax related aspects of the transaction.

The transaction involved transfer of the operating lease business of cars by COR to SMAS India as a going concern on a ‘slump sale’ basis.

The acquisition of the operating lease business of COR forms part of Sumitomo group’s expansion plans in the Asia-Oceania region after establishing their presence in Australia and Thailand.