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Amarchand, AZB, Platinum score roles on $530m Mitsui Japan-India buy

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Amarchand Mangaldas’ Bangalore office advised Japan’s largest non-life insurer Mitsui Sumitomo in its Rs 2,731 crore ($530m) purchase of 26 per cent in the joint venture (JV) of Indian insurer Max India and US insurer New York Life Insurance, which were respectively advised by AZB & Partners and Paul Weiss, and Platinum Partners and Freshfields Bruckhaus Deringer.

Amarchand & Mangaldas Bangalore partners Nivedita Rao and Arjun Lall along with senior associate Anand Jayachandran, associate Maria Cheeran, and Delhi-based principal associate Amit Singhania, acted for Mitsui Sumitomo, whose purchase in the JV, according to Mint, is the second largest foreign direct investment ever in the Indian life insurance sector.

Paul Weiss London partner David Lakhdhir and Tokyo partner Kaye Yoshino acted for Mitsui Sumitomo on non-Indian law advice.

AZB & Partners Delhi managing partner Ajay Bahl, along with partners Anil Kasturi and Ravi Prakash and associates Atreyee Banerjee, Debanshu Mukherjee and Chandni Ghei acted for the 9.37 per cent stake seller Max India. The JV is now valued at Rs 10,500 crore..

Kasturi told Legally India: “We are delighted to be associated with this very interesting transaction for one of our most valued client relationships, Max India. As always we had great support from the Max India team and it was team work at its best.”

Platinum Mumbai-based partners Nihar Mody and Yashasvi Mohanram, with Freshfields New York partner Matthew Jacobson and London based partner Pratap Amin acted for New York Life Insurance which sold 16.63 per cent of its stake in the Indian JV to Mitsui Sumitomo, with the remaining 9.37 per cent going to Max India, to make a full exit.

The 10-year association of New York Life with the JV, has given it a 300 per cent gain on its investment of Rs 505 crore for a 26 per cent stake, according to Economic Times.

Max India, the 70 per cent stake holder in the JV, acquired New York Life’s stake for Rs 182.2 crore ($35m), but sold it to Mitsui Sumitomo for Rs 984.45 crore ($191m), according to VC Circle.

Earlier this year, Amarchand & Mangaldas and Khaitan & Co were reported as powering the largest ever foreign direct investment in the Indian mutual fund space. The investment was made by Japanese insurer Nippon Life Insurance.

The deal’s legal advisers were first reported earlier today by legal website Bar & Bench.

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