Carzonrent India has transferred its car leasing business through a slump sale to SMAS Auto Leasing India, a joint venture between Sumitomo Corporation Japan and Sumitomo Mitsui Auto Service Company Japan.
The acquisition of the lease business is part of the Sumitomo group’s expansion plans in the Asia-Oceania region after it established a presence in Australia and Thailand.
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Amarchand Mangaldas advised Sumitomo Corporation on all aspects of the transaction. It also assisted with the incorporation of SMAS and certain secretarial and legal compliances. The team included partner Puja Sondhi, principal associate Ramanuj Gopalan, senior associate Sushrut Biswal and associate Vasudha Sharma.
Principal associates Amit Singhania and Mekhla Anand and senior associate Gouri Puri advised on the tax aspects of the transaction.
Kochhar & Co advised Carzonrent on the sale. Japanese firm Anderson Mori & Tomotsune was the international adviser to the Sumitomo group.
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