Khaitan & Co, AZB & Partners and international firm Morrison Foerster have advised on India’s largest heat-withstanding materials manufacturer Tata Refractories’ sale of a 51 per cent stake to Japanese conglomerate Krosaki Harima for $128m.
Khaitan & Co led by partners Haigreve Khaitan and Zakir Merchant acted for Krosaki Harima, which is a leading refractory materials-making company of Japan.
AZB represented Tata Steel-owned Tata Refractories with Mumbai-based partner Shameek Chaudhuri leading.
Morrison Foerster Tokyo partner Gary Mitchel Smith and associate Jeff Schrepfer were drafted in by Krosaki to advise on non-India related legal aspects.
The scope of legal work involved advising client on Indian legal issues involving complex structuring and negotiations during the transaction. “This is the largest acquisition by a foreign company in the refractories sector in India,” said Khaitan & Co in a statement.
“The transaction is based on an equity valuation of TRL at approximately Rs 1,130 crore and is subject to approval of relevant regulatory authorities in India and Japan," the Economic Times reported.
Refractory materials are non-metals that retain their strength at high temperatures, commonly used in furnaces, kilns, incinerators and reactors, according to Wikipedia.
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