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JSA, Rajani Singhania steer FIPB-free Japanese pharma buy after DIPP note

J Sagar Associates (JSA) advised the shareholders of Lilac Medicare on selling it off to Japan’s Tosoh Corporation and Singapore’s Tosoh Asia which were advised by Rajani Singhania & Partners.

JSA partner Sidharrth Shankar, senior associate Shantanu Jindel and associates Prakriti Jaiswal and Priyam Singh acted for Lilac.

Rajani partner Reena Grover acted for Tosoh.

This is a notable transaction in the pharma space, which did not require the approval of the Foreign Investment Promotion Board, after the Department of Industrial Policy and Promotion notified Press Note 2 of 2015, according to JSA’s press release.

The $7.5bn Tosoh is one of the largest chlor-alkali manufacturers in Asia, reported Business Standard.

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