Vaish Associates Advocates and Dua Associates’ Amarchand Mangaldas partner lateral hire have advised on German tyre manufacturer Continental AG’s full buy-out of Indian Modi Tyres.

Vaish Associates’ Mumbai and Delhi office led by partners Bomi Daruwala and Vinay Vaish advised Continental AG’s wholly-owned subsidiary on the corporate law and due diligence aspects respectively.

Daruwala’s team consisted of head of real estate Amit Bhandari and senior associate Ann M Jose in Mumbai while Vaish’s Delhi team had principal associate Manish Tully and senior associate Gaurav Jaggi.

Dua Associates’ represented Modi Tyres led by partner Himanshu Narayan, who joined the firm in September 2010 from Amarchand where he was an equity partner.

The legal work involved was extensive due diligence of the seller company and focusing on the critical issues concerning the deal along with structuring, negotiating and finalizing of the share purchase and other ancillary agreements.

“The deal was complex as the Seller (Modi Rubber Limited) was previously declared to be a sick industrial company and later ceased to be so vide a scheme passed by BIFR. The closing is subject to compliance of conditions precedent.” said Vaish Associates in a statement.

“Continental is already present in India in the automotive components and ancillary business. With the acquisition of Modi Tyres Company Limited, Continental will further strengthen its India presence.”

The Continental group has had a collaboration with Modi Tyres in India since 1974.

Photo by psyberartist