Vaish Associates Advocates and Hyderabad-based law firm Harish Kumar & Associates have advised on French company De Dietrich Process Systems’ acquisition of Nile Limited’s glass-lined equipment and pressure vessels division business for Rs 58.5 crore in a slump sale.

Vaish Associates’ Mumbai corporate partner Martand Singh led the transaction with senior associates Amitjivan Joshi, Vivek Talreja and associate Priyesh Sharma for De Dietrich.

Harish Kumar & Associates acted for the seller Nile Limited with partners Harish Kumar and V Sheila in the lead.

De Dietrich is a 300-year-old global provider of mechanical and thermal process engineering for the pharmaceutical and chemical industry and with this buy out has made a foray into the Indian manufacturing industry.

The legal work undertaken was legal due diligence, structuring, negotiations and drafting of the transaction documents including the business transfer agreement, according to Vaish Associates.

“Nile’s glass lining and pressure vessel division is located at Nacharam Industrial Estate in Hyderabad, spanning a covered area of 8,700 sq. mt. Key clients of this division include Cadila Healthcare, Aurobindo Pharma, Novartis, Cipla and BASF, among others. The glass lining unit has reported revenues of Rs 45.46 crore in FY11, with a profit before tax of Rs 3.72 crore,” reported VC Circle.