“On 21 December, RCom signed a binding agreement with Brookfield to sell a 51% stake in Reliance Infratel for Rs11,000 crore. RCom currently owns close to a 96% stake in the company, while the remaining ownership is with minority investors,” reported Mint on 29 December 2016.
This is one of the largest investment in India’s infrastructure sector by an overseas financial investor, according to Shardul Amarchand’s statement, with the deal having been signed on 21 December 2016.
J Sagar Associates (JSA) led for Reliance, with joint
Herbert Smith Freehills advised Reliance on non-Indian laws, led by corporate
Shardul Amarchand Mangaldas acted for Brookfield Infrastructure Group on due diligence, structuring of the overall transaction and in the drafting, negotiations and finalisation of the transaction documents, according to the firm.
The Shardul Amarchand team was led in general corporate by
Also assisting at Shardul Amarchand were corporate
The real estate team was led by
Shardul Amarchand also fielded securities team
Brookfields has been a long-standing client of Chudasama’s, with him having also advised the asset management firm on a Rs 563 crore deal in 2015 shortly after joining Shardul Amarchand from JSA.
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In short, behti Ganga mein Sabne haanth dho liya.
Why should a standard M&A lawyer be involved in real estate DD, for instance? Why should an IP lawyer not handle that part of a deal? Or a litigation lawyer handle the disputes due diligence and related clauses or advice?
That is not to say that each person listed above would have done hundreds of hours of work necessarily - I imagine some would have maybe billed a few hours tops.
But I remember that when I worked in the UK, if we were talking a multi-billion deal (but also smaller ones), dozens of lawyers would be roped in from across departments and no one would bat an eyelid.
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