Amarchand Mangaldas advised UltraTech Cement in acquiring Jaypee Cement Corporation’s Gujarat unit for Rs 3,800 crore ($602m). Jaypee was advised by Vaish Associates.

Amarchand Mangaldas Mumbai managing partner Cyril Shroff, corporate partners Tushar Mavani and Alice George, competition partner Nisha Kaur Uberoi and litigation partner Sharad Mathkar acted for UltraTech.

Vaish Associates partners Bomi Daruwala and Martand Singh acted for Jaypee.

It is legally mandatory for a part of the deal to be carried out through share issuance because the sale will happen after the Gujarat unit is separated from Jaypee. Out of the total deal value, around Rs 2,000 crore will therefore be paid by way of bank loans while the rest is loaned to the company by related parties, including parent Jaiprakash Associates, which will be issued shares, reported Mint.