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DSK Legal recently advised and represented Uno Minda Limited, one of India’s leading Tier-1 automotive component manufacturers, in securing approval under Press Note 3 (PN3) from the Government of India for its proposed joint venture with a leading Chinese electric vehicle powertrain technology company.
The proposed investee, Uno Minda Auto Innovations Pvt. Ltd., a wholly owned subsidiary of Uno Minda incorporated specifically for the joint venture, received investment from Inovance Automotive (HK), a subsidiary of China’s Suzhou Inovance Automotive. The cross-border ownership structure required extensive disclosures relating to beneficial ownership, governance and control across multiple jurisdictions. The DPIIT approval dated 19 June 2026 permits the Chinese entity to invest in an Indian EV components manufacturing venture focused on advanced EV powertrain technologies, including inverters, e-axles, motors, combined charging systems and other high-voltage components for passenger and commercial vehicle OEMs in India.
Investments involving Chinese-origin EV technology, automotive manufacturing capabilities and shareholder participation in Indian manufacturing entities fall within one of the most rigorously reviewed categories under India’s foreign investment framework. Given the heightened regulatory sensitivity surrounding Chinese investments under PN3, the transaction underwent extensive scrutiny by multiple governmental and security agencies. The matter involved significant legal, regulatory and structural complexity, including coordination of extensive cross-border documentation, beneficial ownership disclosures, security clearances, sanctions compliance undertakings, valuation certifications and detailed transactional explanations.
The DSK Legal team was led by Ajay Shaw (Partner), Samir Malik (Partner) and Gaurav Mistry (Partner), assisted by Akanksha Tiwary (Associate Partner), Riddhi Thakker (Principal Associate) and Manav Asrani (Senior Associate).
Mahip Singh (Associate Partner) acted as the engagement and relationship partner for the transaction.