by:
Khaitan & Co acted for Reliance Telecommunications in its acquisition of the wireless business of J Sagar Associates (JSA)-advised Sistema Shyam Teleservices for Rs 2,100 crore of equity, while also taking on Rs 2,400 crore of Sistema’s debt to the government.
Khaitan
English law advice to ADAG was provided by Herbert Smith Freehills London
JSA partners Mansoor Ali Shoket, Rohitashwa? Prasad and Akshay Nagpal led the team for Sistema, with strategic advice by
Baker & McKenzie LLP London
Khaitan tax
Khaitan
Update: The JSA team also included
Sistema holds around Rs 7,955 crore worth of 800 MHz spectrum in eight circles, which will be utilised by Reliance Jio to launch high-speed LTE data and voice services, reported Mint.
Sistema has been loss-making but the deal gives the company a valuation of 10 times.
Last week Cyril Amarchand Mangaldas won a case for two Anil Ambani ADAG power companies in the Delhi high court, having retained the marquee client after the split between Amarchand Mangaldas Delhi and Mumbai offices.
Khaitan had acted for the underwriters in the IPO of ADAG subsidiary Reliance Infratel in 2009, with Amarchand Mangaldas having acted for the company.
Khaitan has for long advised Mukesh Ambani-owned Reliance Industries (RIL), and in September the firm hired Reliance Industries in-house
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