Law firms

Engineering major, Larsen & Toubro (L&T) has entered into a definitive agreement for the divestment of its entire stake in its unlisted and wholly owned subsidiary L&T Cutting Tools, to IMC International Metalworking Companies BV, owned by the Warren Buffett-led Berkshire Hathaway Inc. for Rs. 174 cr ($27.18 million USD) as reported by Business Standard, Livemint and others

"International Finance Corp (IFC), the private-sector investment arm of the World Bank, will sell its entire 7.5% stake in Analjit Singh-led Max Group’s healthcare business for Rs 423 crore ($65.3 million)," reported VCCircle.

The commerce and law ministries are unequivocally in favour of opening up the legal sector to foreign lawyers as soon as possible, reveal the full minutes of the July meeting between ministries and lawyers, though the details of how this will be done remain uncertain.

A Delhi district court today heard the appeal of publishing house Juggernaut against an order restraining it from publishing the book “Godman to Tycoon: The Untold Story of Baba Ramdev”.

"Mars Food, part of Mars Inc said it has signed a definitive agreement to acquire Connecticut-based Preferred Brands International, known for its ready-to-heat Indian and Asian food products sold primarily under brand Tasty Bite," reported The Hindu Businessline.

"Non-banking finance company Five Star Business Finance has raised Rs 333 crores (about $50 million) in its Series C round led by Norwest Venture Partners and Sequoia Capital. Existing investors including a fund managed by Morgan Stanley Private Equity Asia and Matrix Partners also participated in the round. The round saw Five Star raising Rs 318 crores through primary infusion with about Rs 15 crores coming in via a secondary sale of shares," reported the Economic Times.

“State-owned reinsurance company General Insurance Corp. of India (GIC) filed the draft red herring prospectus (DRHP) for its initial public offering (IPO). The IPO will see a total stake dilution of 14.22%, according to the DRHP available on the website of one of the investment banks managing the share sale,” reported Mint.

"Dollar Industries Limited announced an equal joint venture with Pepe Jeans Europe BV. Pepe London would pump in ₹36 crore worth of equity as its contribution over four years," reported The Hindu.

"Milestone Commercial Advantage Fund made its first investment in June in The Capital, a commercial building in Mumbai’s Bandra-Kurla Complex," reported the Economic Times.

"Green Visor Capital announces follow-on investments in Flutterwave and Simpl, two emerging payments companies targeting commerce in Africa and India, respectively," according to News Wire.

Indialaw added former HSA Advocates associate partner Sumedha Dutta as a partner in Delhi to build its corporate M&A practice.

Trilegal has voted for J Sagar Associates (JSA) Mumbai banking and finance partner Kannan Rahul to join the firm’s partnership.

Following our exclusive report of a ministry meeting with lawyer stakeholders on 28 July, at which prime minister Narendra Modi's intention was made clear to allow foreign law firms to enter on a “top priority” basis, ET NOW has re-reported the development and interviewed two eminent senior counsel - Harish Salve and Gopal Jain - who both spoke out in favour of the prompt entry of foreign law firms.

Khaitan & Co Bangalore partner Ganesh Prasad with associate partner Vinay Joy, principal associate Arun Scaria and senior associate Sanjay Khan Nagra represented Indian Singapore-headquartered e-commerce Flipkart on the $2.5bn investment.

Shardul Amarchand Mangaldas (SAM) is offering multiple campus recruits base pay below the Rs 15-16 lakh fixed package that it had promised to students and announced to media in a record hike in 2015, that had placed the firm near the top of the fresher salary table.

Former Juris Corp partner Veena Sivaramakrishnan is joining Shardul Amarchand Mangaldas as a partner in Mumbai, as first reported by Bar & Bench.