Corporate M&A
Corporate M&A
J Sagar Associates (JSA) acted for Suprajit Engineering Limited, which bought 51 per cent of equity shares of Phoenix Lamps Limited from the Actis Group, which was advised by Platinum Partners and E&Y, followed by an open offer.
JSA Bangalore partners Murali Ananthasivan and Mary Julie John, and Delhi-based partner Amitabh Kumar acted for Suprajit, with senior associate Gautam Shahi and associate Rajashree Balasubramanian. Grant Thornton was the financial adviser to Suprajit.
Platinum Mumbai partner Gautam Bhat acted for Actis.
Both buyer and target are listed on the Bombay Stock Exchange and the National Stock Exchange. SEL is a supplier of cables and components to overseas and domestic customers in the automotive and non-automotive sectors. Phoenix is the largest manufacturer of automotive lamps in India and has three subsidiaries in Europe, according to a JSA release.
SEL acquired 51% equity shares in a first tranche and will complete acquisition of the remaining non-public shareholding of Phoenix in a subsequent tranche post-completion of an open offer, reported Moneycontrol.
Karvy Investor Services acted as adviser to the open offer, without the law firms advising.
Corporate M&A
Vedanta Resources subsidiaries Vedanta India and Cairn merged, assisted by Khaitan & Co as sole domestic legal adviser, according to its press release, and Ashurst's India practice.
The following Khaitan team advised:
Haigreve Khaitan, Partner; Sharad Abhyankar, Partner; Mehul Shah, Associate Partner; Tarunya Krishnan, Principal Associate and Harsh Kabra, Associate.
The following members assisted the core transaction team:
Corporate Due-Diligence - Soumyadri Chattopadhyaya, Associate; Aayush Mohata, Associate; Parvati Parkkot, Associate and Umang Singh, Associate
Capital Markets – Sudhir Bassi, Executive Director
ESOPs – Daksha Baxi, Executive Director
Energy, Infrastructure and Resources – Dibyanshu, Associate Partner
Ashurst London partners Tom Mercer and Richard Gubbins led the transaction on non-Indian laws, while US securities law partner Stuart Rubin advised from Hong Kong.
Corporate M&A
Kochhar & Co advised global clinical research conglomerate the Parexel Group and its Indian group company Parexel India on buying for $100m pharma-covigilance company Quantum Solutions India, which was advised by Platinum Partners.
Kochhar senior Delhi-based partner Vijay Ravi, partner Chandrasekhar Tampi and senior associate Sumant Srivastava acted for Parexel India and the Parexel Group.
Platinum’s recent Wadia Ghandy Bangalore joinee and partner Ankit Majmudar and associate Rohan Kumar acted for Quantum and its proprietor Apurva Goswamy.
The acquisition will not significantly impact Parexel’s fiscal year 2015 revenue, reported Mint.
Corporate M&A
Shardul Amarchand Mangaldas advised the PVR cinema chain on buying for Rs 500 crore DT Cinemas from DLF Utilities, which was advised by Luthra & Luthra.
According to its press release, Shardul Amarchand partners Akila Agrawal and Sourav Kanti De Biswas acted for PVR, with senior associate Megha Bhargava, and associates Ishita Khandelwal and Rishab Basu.
They were assisted by competition law partners Shweta Shroff Chopra and Aparna Mehra, senior associate Vivek Agarwal and associate Sakshi Sejwal, guided by managing partner Pallavi S Shroff and senior advisor European and competition law, John Handoll.
Long-standing Luthra client DLF was represented by Luthra partner Samir Dudhoria with associates Ankita Kansil and Akshay Jain. ,
The deal will give PVR an additional 29 screens with 6,000 seats in eight locations in the Delhi area and Chandigarh, in addition to its existing 467 screens in 105 locations.
Corporate M&A
J Sagar Associates (JSA) and Covington Burling advised the world’s largest brewer Anheuser-Busch InBev on its exit from a joint venture with RJ Corp, which was advised by Dua Associates.
JSA partner Upendra Nath Sharma, senior Associate Rishabh Gupta and associate Ritunjay Gupta with intermitten strategic inputs from JSA chairman and founder Jyoti Sagar acted for the Belgium-headquartered brewery, which will now operate through Crown Beers India.
Dua partner Himanshu Narayan, manager Amarta Roy and associate Shloka acted for RJ Corp.
The deal will allow Anheuser-Busch InBev, whichhas over one-fourth of the world’s market share for beer including brands such as Budweiser, Corona, Stella Artois, Beck’s, Leffe and Hoegaarden, to expand in India independently through additional brand investment and capacity expansion, explained JSA in its press release.
AB InBev will exit the joint venture, paying anywhere between $100m and $150m to Ravi Jaipuria-owned RJ Corp, reported Mint.
Corporate M&A
S&R Associates acted the Vodafone Group in its sale of $200m Bharti Infotel, representing around 4.2% interest in Bharti Airtel, to Bharti Enterprises, which was represented by AZB & Partners.
S&R partner Rajat Sethi and associates Tanya Aggarwal and Lakshmi Pradeep acted for Vodafone.
AZB Delhi partner Gautam Saha acted for long-standing client Bharti.
The sale was made due to a telecoms department directive restricting any group from holding stakes in more than one telecom licensee in one area, reported Reuters
Corporate M&A
Shardul Amarchand Mangaldas (SAM) advised Himachal Pradesh-based SBS Biotech on selling for Rs 1,651 crore its hair and scalp care businesses Kesh King and Kesh Pari to FMCG player Emami, which was advised by Khaitan & Co.
SAM partners Jatin Aneja, Anubhuti Agarwal and Dev Robinson, principal associate Siddhartha Sen and associate Madhur Chopra acted for SBS Biotech.
Khaitan partners Haigreve Khaitan and Adheesh Nargolkar, associate partner Surbhi Kejriwal, senior associate Abhishek Thanvi and executive director Dinesh Agarwal acted for Emami.
Kesh King and allied brands had a revenue of Rs 300 crore in 2014-15 and have been growing at an average of 68 per cent a year for the last three years, while Emami, which makes a first foray into the hair and scalp care business with this acquisition, had reported a 20.7 per cent year-on-year rise in net profit to Rs 486 crore for 2014-15, and a 21.8 per cent rise in revenue to Rs.2,217 crore, reported Mint.
Corporate M&A
AZB & Partners advised global Argentina-founded IT and software development company Globant on buying, for up to around $25m, Pune-based product engineering firm Clarice Technologies which was advised by Khaitan & Co.
AZB Bangalore partner Anind Thomas and senior associate Percis Anklesaria acted for Globant.
Khaitan Bangalore partner Rajiv Khaitan, associate partner Vinay Joy and associates Karandeep Makkar and Kirti Krishna acted for Clarice.
The deal is worth Rs 125 to Rs 160 crore, reported the Economic Times.