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Nearly $50m equipment JV exit advised by Crawford Bayley, L&T in-house

Crawford Bayley & Co has advised construction company CNH Global NV on the full buy-out of Larsen & Toubro’s (L&T’s) stake in joint venture partnership L&T-CASE Equipment for around Rs 200 crore ($45m).

L&T’s in-house legal team handled the company’s advice, led by vice-president and chief legal advisor S K Bhatt, assisted by senior legal counsel Oswald D'souza and assistant general manager Falgooni Mehta.

Crawford Bayley corporate M&A partner Sanjay Buch advised on the buyer-side. His team consisted of senior associates Sumit Vadhavkar and Renuka Shetty with associates Mahesh Wasadikar, Gaurav Rohra and Khushboo Gagrani and paralegal Haabil Vahanvaty.

It is understood the transaction involving entire acquisition of L&T’s shareholding in the 1999-established JV was completed in a fortnight, and creates the rechristened entity Case New Holland Construction Equipment.

The JV L&T-CASE operated 40-acre production facilities in Madhya Pradesh to manufacture and sell construction equipment in India.

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