J Sagar Associates advised Bay Capital Investment Managers and the promoters of Sterling Holiday Resorts India on selling Sterling for Rs 870 crore to the Prem Watsa-backed Thomas Cook India, which was advised by AZB & Partners.
JSA Mumbai partners Sandeep Mehta and Rajesh Pal and senior associate Malav Shah acted for Bay Capital and Sterling’s promoters. AZB partner Ashwin Ramanathan, senior associate Bhavi Sanghvi and associate Rinki Ganguli acted for Thomas Cook.
This is Thomas Cook India's second purchase after Ikya Human Solutions in February 2013 and marks its foray into the hospitality sector, reported the TOI.
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