Indian Law Partners (ILP) advised Navratna Bharat Retail (NBR) on its joint venture (JV) partner Richemont’s buyout of NBR’s 49 per cent equity in their JV RLG Retail. Richemont was advised by AZB & Partners.

ILP Mumbai counsel Kanika Premnarayen, senior associate Vineet Gupta and associate Sehar Aijaz acted for Navratna .

AZB Mumbai partner Darshika Kothari acted for the Geneva-based Richemont which undertakes single brand retail of the ‘Cartier’ jeweled watches in India.

The Foreign Investment Promotion Board (FIPB) had approved the deal in April, according to ILP’s press release.

Richemont had applied to the FIPB by January 2014, to enter India’s single brand retail space where stores sell only one brand and 100 per cent foreign direct investment is allowed on the condition that one-third of the raw material is sourced locally, reported Reuters which added that Richemont’s initial investment was $5m.