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JSA in joint mandate in Rs 650 crore Essar Steel acquisition

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Desai & Diwanji and J Sagar Associates (JSA) have sealed Essar Steel's Rs 650 crore ($135m) purchase of Shree Precoated Steels, with JSA facing the "challenging" task of acting as joint counsel to both seller and buyer.

JSA partner Dina Wadia advised both Essar Steel and Shree Precoated Steels throughout the transaction, although Desai & Diwanji was drafted in towards the final stages of the deal for Shree Precoated Steel.

Desai & Diwanji partners Vishwang Desai and Vihang Virkar jointly lead the team for Shree Precoated Steel.

Wadia was assisted by Mumbai senior associates Rashmi Sharma and Jay Gandhi.

Wadia said: "Our role was to act as joint transaction counsel to draft the transaction documents to capture the commercial arrangements between the parties and to bring it to a successful conclusion.

"The role of a joint counsel is always challenging and calls for treading a fine line to ensure that the commercial interests of both parties are sufficiently safeguarded," she added.

Ernst & Young was the strategic and financial adviser to the transaction and did not instruct external counsel.

A large part of Essar Steel's legal work was handled in-house, with JSA responsible for drafting the sale documentation after the parties had agreed on the terms.

Essar Steel acquired Shree Precoated Steel's fixed assets and long-term liabilities of around Rs 175 crore.

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