India-Japan Fund

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Summary [In terms of Regulation 13(1A) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended)] A. Name of the parties to the combination. 1. Names of the parties to the combination being notified through this Notification Form are: a. India - Japan Fund (IJF/Acquirer) b. Mahindra Last Mile Mobility Limited (MLMML/Target) B. Nature and purpose of the combination. 2. The Acquirer proposes to acquire between 6.06 - 8.25% of the total paid up share capital (on a fully diluted basis) of MLMML (Proposed Transaction). The Proposed Transaction is structured as an acquisition and falls under Section 5(a) of the Competition Act. 3. The purpose of the Proposed Transaction is to further IJF’s investment objective of investing in India’s environmental preservation sector, including renewable energy, e-mobility businesses, and circular economy sectors such as waste management, and water. The Proposed Transaction will help IJF further its goals by creating value for the broader market for 3-wheeled electric vehicles, clean mobility transport solutions, and technology-led last mile transport vehicles. 4. MLMML is a subsidiary of Mahindra & Mahindra focusing on last-mile electric mobility through offerings such as electric 3-wheelers. MLMML seeks to benefit from the Proposed Transaction by raising capital to scale its business. PUBLIC VERSION 348 C. Relevant products, services, and business(es) 5. IJF is a trust established in August 2023 under the laws of India and registered as a Category II AIF with the SEBI. As an AIF, it does not have any business operations of its own, apart from investing activities. It has not yet made any investments. 6. MLMML, with a focus on electric mobility, is presently engaged in the business of manufacture, sale, distribution, and after-sale services including spare parts and components of three-wheeled vehicles (of all fuel types and drive train systems) for all applications (cargo and passenger); and four-wheeled small commercial vehicles. D. Respective markets in which parties to the Proposed Amalgamation operate 7. The Proposed Transaction does not give rise to any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets in India. Accordingly, the Proposed Transaction does not require the Hon’ble Commission to define any relevant market(s) given that it is unlikely to cause any appreciable adverse effect on competition in any plausible relevant markets in India. 8. Therefore, the Proposed Combination is being notified under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended). PUBLIC VERSION 349