Now Reading: JSA, Khaitan, Argus act on IndiaRF’s majority stake in Ashok Iron Works
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JSA, Khaitan, Argus act on IndiaRF’s majority stake in Ashok Iron Works
JSA, Khaitan, Argus act on IndiaRF’s majority stake in Ashok Iron Works
India Resurgence Fund (IndiaRF) has acquired a majority stake in the iron casting and machining business of Ashok Iron Works, with legal advisory firms JSA, Khaitan & Co, and Argus Partners acting on the transaction. JSA advised Fine Edge Engineering and related entities, which house the business, while Khaitan & Co and Argus Partners advised IndiaRF on the acquisition and its financing.
The JSA team was led by partner Sidharrth Shankar, with partners Prakriti Jaiswal and Dhruv Malhotra. Khaitan & Co's team was led by partners Kartick Maheshwari and Shantanu Gupta, with support from multiple practice groups including corporate, real estate, competition law, litigation, employment, data privacy, intellectual property, and energy. Argus Partners' team was led by partners Aastha and Aseem Dhawan.
The acquisition covers the casting and machining business of Ashok Iron Works, a Karnataka-based foundry group. The value of the deal was not disclosed.
Indian Opinion Analysis
This transaction signals continued private equity interest in India's manufacturing and auto-ancillary sector, particularly in foundry and precision engineering businesses that serve automotive and industrial clients. Ashok Iron Works, based in Belagavi, Karnataka, is a legacy foundry with decades of operational history. IndiaRF, an India-focused fund sponsored by Goldman Sachs and its partner, typically invests in mid-market companies with turnaround or growth potential. The involvement of multiple law firms with cross-practice support indicates a complex deal structure, likely involving regulatory approvals, land and asset transfers, and employee-related compliances. The next step would be filing with the Competition Commission of India if the deal triggers threshold requirements.
Source: barandbench.com
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