Khaitan & Co, Amarchand Mangaldas, J Sagar Associates (JSA), Naik Naik & Co, ALMT Legal, PRA Law Offices and Vaish Associates on some of the week’s top deals.
Corporate/M&A and joint ventures
India’s Department of Posts and state-run telephone service provider BSNL launched the first-of-its-kind Mobile Money Transfer Scheme (MMTS) in Delhi, Bihar, Punjab and Kerala. The service enables immediate transfer of money between persons by depositing the cash in the post office and providing it the mobile number of the transferee. BSNL’s technology partner Maverick Mobile Solutions - an application development, ecommerce and service delivery company - operationalised MMTS.
Maverick Mobile Solutions: ALMT Legal partner Hitesh Jain
Gemalto & BNSL: In-house teams
Gautam Thapar’s conglomerate Avantha group sold off its bromine manufacturing and distribution business to US-based $3bn specialty chemicals company Chemtura Corporation for Rs 788 crore ($141.65m), through its subsidiary Solaris Chemtech which is the largest bromine manufacturer in India
Solaris Chemtech: Khaitan & Co Delhi partner Bharat Anand
Chemtura Corporation: J Sagar Associates (JSA) Gurgaon partner Rohitashwa Prasad and Baker & McKenzie Chicago partner Edward West
Personal care products maker TT Krishnamachari & Co bought 49.87 per cent of New Bridge Holdings Netherlands, a subsidiary of global FMCG major Reckitt Benckiser, for around Rs 150 crore [Dealcurry]
TT Krishnamachari: Khaitan & Co Mumbai partner Murali Neelakantan
New Bridge Holdings: JSA Delhi partner Amar Gupta and PRA Law Offices partner Jawahar Lal
The Colors TV channel has acquired the rights from Anil Kapoor to re-make hit US thriller TV show 24, owned by Fox but licensed to Kapoor last year, whose production studio will produce the Indian remake [TOI]
Anil Kapoor: Naik Naik & Co partner Madhu Gadodia
Indian mass media company Network18 and its subsidiary TV18 made parallel rights issue of equity shares worth $505m. TV18 will acquire ETV television channels from the proceeds of the issue, while the proceeds will also be used to repay the loans of Network18 and TV18. ICICI Securities and RBS Equities (India) were the underwriters to the issue
TV18: Khaitan & Co Mumbai partner Vibhava Sawant
Underwriters: Amarchand Mangaldas Delhi partner Prashant Gupta, principal associate Sayantan Dutta, senior associate Shatarupa Dasgupta and associate Rohan Sharda
The ministry of mines, government of India divested 5.6 per cent stake in Hindustan Copper Limited (HCL) through an offer for sale on the stock BSE and NSE, reducing its earlier held 99.59 per cent stake to achieve the minimum mandated public shareholding of 10 per cent.
HCL: Amarchand Mangaldas Delhi partner Prashant Gupta, principal associate Aarti Joshi, senior associate Agnik Bhattacharyya and associate Rohan Sharda
Solar power plant turnkey contractor Mahindra EPC Services will build two solar photovoltaic power projects to be set up in Rajasthan by the French energy provider Fonroche Energie through its Indian special purpose vehicles worth more than Rs 100 crore, with financing procured from a consortium of lenders of KKR India Financial Services Private, Tata Capital Financial Services and Aditya Birla Finance
Mahindra EPC Services: I&S Associates partner Bakhtiar Sunavala and associates Shrinivas Sankaran and Puja Shah
Fonroche Energie: A&M Law Offices partner Sanjeev Adlakha
Lenders: Luthra & Luthra partner Bikash Jhawar
The Competition Commission of India (CCI) dismissed a complaint of anti-competitive behaviour against real estate developer Omaxe which was allegedly foreclosing options for other buyers by nominating a maintenance agency for its Sonipat project ‘Omaxe City’ at its own discretion.
Omaxe: Vaish Associates Delhi competition head MM Sharma with associates Vaibhav Choukse and Deepika Rajpal
Photo by lemonhalf