AZB & Partners advised private equity (PE) firm Warburg Pincus as Wadia Ghandy advised PE firm Faering Capital in investing Rs 300 crore ($49m) in ladies ethnic wear maker Biba Apparels which was advised by OP Khaitan & Co.

AZB Delhi partners Anil Kasturi, Akhilesh Kumar Rai and Nandita Govind acted for long-standing client Warburg Pincus, which bought a 27 per cent stake for Rs 250 crore in Biba through its affiliate Highdell Investment, according to an AZB press release.

Wadia Ghandy partner Ashish Ahuja with associates Rohini Verma and Tanu Bannerjee acted for Faering Capital.

OP Khaitan managing partner Gautam Khaitan acted for Biba, which said in a press statement reported by the Economic Times that this is the largest private equity investment in the Indian ethnic wear market.

Through the deal Future Lifestyle Fashion, an existing investor, has exited Biba, reported Mint.

Picture by Nagarjun Kandukuru