Corporate / M&A

Desai & Diwanji and Tatva Legal, with Davis Polk & Wardwell and Richards Butler advised on private equity house Quadrangle Capital and others' $300m investment in India's second largest operator of telecoms towers Tower Vision India.

Desai & Diwanji Mumbai partner Apurva Diwanji and Delhi partner Amit Khansaheb led the Indian advice including due diligence for the private equity house, which was advised internationally by Davis Polk & Wardwell partner Mark Lehmkuhler.

Apurva Diwanji explained that he has a long-standing relationship with Quadrangle, which resulted in this instruction.

January 2010 Dua Associates breakaway Tatva Legal acted for the target company Tower Vision India, with the transaction having started with Avinash Mody at Dua and concluding under the banner of Tatva Legal when Mody shifted into the new firm.

Tatva declined to comment.

Richards Butler advised Tower Vision Mauritius and its principal shareholders on international aspects.

The investment took place through Tower Vision India's parent vehicle company Tower Vision Mauritius.

There has been a raft of telecom tower business sales in the past year, with Amarchand Mangaldas and Wadia Ghandy most recently advising on the $1.8bn sale of Aircel's towers to GTL infrastructure, while last year AZB & Partners and Desai & Diwanji advised Qiuppo Telecom and Tata Teleservices on their $1.3bn merger.