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Tatva, TTA on $12m DLF asset offloading to Japanese Lixil

Tatva Legal advised India’s largest real estate developer DLF in selling its stake in Star Alubuild to Japan’s Lixil Corp, which was advised by Talwar Thakore & Associates (TTA).

Tatva Delhi partner Simran Singh, manager Neha Chhabra and senior associate Natasha Tuli acted for DLF which, according to Mint, has been exiting businesses not considered essential to real estate development after being weighed down by Rs 20,369 crore of debt.

TTA Mumbai partner Feroz Dubash, managing associate Ritu Taimni and associates Nidhi Rani, Mrinali Kaul and Rachita Nadig acted for Lixil, which was purchasing a 70 per cent stake in curtain walls firm Star Alubuild for Rs 79.8 crore ($12m), wrote Mint.

DLF said in a BSE filing that its subsidiaries DLF Home Developers and DLF Projects had divested 60 per cent stake in Star Alubuild, reported the Economic Times, while the remaining 10 per cent share in the Japanese building materials firm’s controlling stake had come from Star Alubuild founder Romi Malhotra.

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