Corporate M&As continued to buttress law firm activity, while one NUJS graduate sweated it out with a high profile Delhi high court case. Khaitan & Co also kept busy in finance and capital markets, and projects and private equity proved solid.

Corporate/M&A

Builder Sushil Pandurang Mantri bought 51 per cent equity in investment management company Azure Capital Advisors for Rs 3 crore
Sushil Pandurang Mantri: Amarchand Mangaldas partner Reeba Chacko
Azure Capital Advisors: IndusLaw

French automobile-interiors company Treves SA purchased 50 per cent equity in a special purpose vehicle it formed with Indian textile manufacturer Banswara Syntex
Treves SA: J Sagar Associates (JSA) partner Sandeep Mehta and associates Raji Radhakrishnan and Malav Shah
Banswara Syntex: In-house

Chennai-based conglomerate Murugappa Group’s Tube investments bought 44.12 per cent equity for Rs 292 crore in Coimbatore-based gear-box manufacturer Shanthi Gears, from promoter P Subramanian and two other promoters
Tube Investments: Amarchand Mangaldas partner Arjun Lall
P Subramanian and other promoter-sellers: Trilegal partner D Pavan Kumar, counsel Christopher Krishnamoorthy and associate Emil Joseph

Hard Rock Café franchisee JSM Corporation’s JSM GGC Restaurants group bought franchise rights in international frozen yoghurt brand Pinkberry
JSM GGC: I&S Associates partner Bakhtiar Sunavala and associates Shrinivas Sankaran and Puja Shah
Pinkberry: Remfry & Sagar

Wallet, handsets, and passport recovery service provider OneAssist Consumer Solutions set-up business opeartions in Mumbai
OneAssist: I&S Associates partner Anuradha Iyer and associates Shrinivas Sankaran and Puja Shah

Indo-Omani joint venture Oman India Joint Investment Fund (OIIF) bought 19.64 per cent equity for Rs 54 crore in software-integrated hardware manufacturer Indus Teqsite
OIIF: Khaitan & Co partner Sharad Abhyankar
Indus Teqsite: In-house

Japanese IT solutions provider Nomura Research Institute bought Indian software solutions and software development service provider Anshin Software
Nomura Research Institute: Khaitan & Co partners Rabindra Jhunjhunwala and Sanjay Sanghvi, and Japanese law firm Morrison Foerster LLP
Anshin Software: In-house

British marketing and supply chain optimiser Communisis bought Anglo-Indian digital media web development and maintenance company Kieon
Communisis: Khaitan & Co partner Rajiv Khaitan, and British law firm Ward Hadaway
Kieon: British law firm Peachey & Co LLP

Chinese wind turbine manufacturer China Ming Yang’s Singapore subsidiary Ming Tang Holdings bought majority stake in Reliance Capital’s group company Global Wind Power
China Ming Yang: AZB & Partners
Global Wind Power: Amarchand Mangaldas partners Vandana Shroff and Alice George

Project finance

Rural electrification PSU Rural Electrification Corporation, infrastructure financing PSU India Infrastructure Finance Company (IIFC) and infrastructure financer SREI Infrastructure Finance (SREI) funded Rs 730 crore for phase two of development of privately owned Tamil Nadu thermal power plant Nagai Power
Rural Electrification Corporation: Khaitan, Sud & Partners principal associate Sujeet Das and senior associate Debashis Satapathy
IIFC, SREI and Nagai Power: In-house

Bank of Baroda-led consortium of seven banks extended Rs 8 lakh to public-private colour-coated steel dealer Asian Colour Coated Ispat for capacity addition in its Rs 991 crore Steel project in Maharashtra
Bank of Baroda led consortium: Khaitan, Sud & Partners partner Tanuj Sud, with associates Jayant Gupta and Bhumika Tripathi
Asian Colour Coated Ispat: In-house

Banking & Finance

Bank of India’s Singapore branch extended Rs 55 crore to leading Indian Polyester filament yarn manufacturer Wellknown Polyesters
Bank of India: Khaitan & Co partner Devidas Banerji
Wellknown Polyesters: In-house

Yes Bank bought its home loans with underlying mortgages for Rs 110 crore as a ‘pool buyout’
Yes Bank: Khaitan & Co partner Shishir Mehta

Axis Bank issued a term loan of Rs 128 crore to agribusiness house Usher Agro which will set up a rice milling plant in Uttar Pradesh
Axis Bank: Khaitan & Co partner Shishir Mehta
Usher Agro: In-house

Bank of India extended Rs 55 crore to Indian pharmaceutical company Ind-Swift
Bank of India: Khaitan & Co partner Devidas Banerji, and international law firm TLT Solicitors

Trilegal, Amarchand on 25-bank record time $1.5bn debt restructure of Hind Construction

Private equity and venture capital

PE firms NYLIM Jacob Ballas and International Finance Corporation funded compulsory convertible preference shares of Rs 370 crore in healthcare diagnostic Super Religaire Laboratories (SRL)
SRL: Vaish Associates partner Bomi Daruwala, principal associate Arti Narsana, head-corporate Vikas Keyal, and associate Sandhya Arora
NYLIM Jacob Ballas and International Finance Corporation: AZB & Partners

Bangalore-based property developer Brigade Enterprises invested Rs 209 crore in Indo-Singapore real estate joint venture Brigade Properties which purchased land for Rs 120 crore from consumer goods company Hindustan Unilever for development of a residential project
Brigade Enterprises: Amarchand Mangaldas partners Arjun Lall and Namrata Kolar
Government Investment Corporation (Singapore side on the joint venture): AZB & Partners
Hindustan Unilever Limited: J Sagar Associates (JSA) partner Vivek Chandy and senior associate Malini Raju

JSA, NDA, Fox Mandal, Linklaters, 40 advisers go Dutch on Rs. 770 cr Godrej investment

PXV opposite NDA in early stage Patni-family TranServ VC deal

Capital Markets

Mahindra & Mahindra micro-irrigation subsidiary EPC Industrié issued shares worth Rs 41.4 crore
EPC Industrié: Khaitan & Co partner Vibhava Sawant

Litigation

Indian Airlines subsidiary Airline Allied Services (AASL) air hostess Salome Singsit won against former employer of 14 years AASL, in the Delhi high court. Singsit had challenged a service-contract termination order issued to her by AASL, which claimed she was overweight and not fit for duty. Judge decided termination was potentially justified if it had not been caused by her health, and airline should re-employ petitioner, potentially in another capacity [Indian Express]
Salome Singsit: NUJS 2008 graduate Ashwarya Sinha
AASL: Link Legal partner Milanka Chaudhary

Fox Mandal files winding up against Essel Sports in BHC opposite ALMT

Competition Commission

Singapore investment company Schroder Investment Management (SIM) obtained CCI clearance for buying 25 per cent equity in the asset management and trustee company of Indian mutual fund Axis Mutual Fund
SIM: Amarchand Mangaldas partner Nisha Kaur Uberoi

Leading global textile manufacturer Welspun India obtained CCI clearance for its merger with textile-supplying major Welspuin Global Brands and largest Indian home-furnishing retailer Welspun Retail
Welspun: Khaitan & Co counsel Avaantika Kakkar

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