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17 deals in brief: Eros, Sat-Mahindra, Suntek, Rabo, Muthoot, JSW and others

The rest of the week's deals in one package
The rest of the week's deals in one package

Last month’s largest deals and the legal advisers that guided and benefited from them.

M&A and joint ventures

Bollywood film producer and distributor Eros International purchased 76 per cent equity in digital broadcasting firm B4U Television Network for Rs 270 crore ($53m) on 25 April 2012.
Eros International: Amarchand Mangaldas Delhi partner Puja Sondhi with principal associate Pooja Mahajan and senior associate Ramanuj Gopalan.
B4U Television Network: Cleary Gottlieb.

German glass maker Gerresheimer Glas GmbH acquired 70 per cent ownership in Mumbai-based Indian glass packing manufacturer Neutral Glass & Allied Industries.
Gerresheimer Glas: J Sagar Associates partner Vikram Raghani with senior associate Anish Mashruwala and associates Anand Lakra and Delna Aga.
Neutral Glass: Mulla & Mulla & Craigie Blunt & Caroe partner Yazdi Dandiwala.

IT outsourcing company Tech Mahindra purchased the Rs 5,150 crore of remaining stake in software service provider Satyam Computer Services to form the merged entity Mahindra Satyam.
AZB & Partners partner Abhijit Joshi and associate Nandish Vyas acted for Tech Mahindra, Satyam Computer Services and their subsidiaries on the M&A issues as well as the CCI filing.

Real estate company Suntek Realty acquired Rs 300 crore ($61m) of non-convertible debentures and optionally convertible debentures of Satguru Corporate Services on 23 February 2012.
Suntek Realty and Satguru Corporate Services: AZB & Partners partner Yogesh Bhattarai.

Leading international facilities service provider OCS group Singapore acquired a majority stake in Indian facilities management services provider Absotherm on 30 March 2012.
OCS: Khaitan & Co Delhi partner Rajat Mukherjee.
Absotherm: Vaish Associates.

Axis Bank sold a quarter of its shares in its asset management wing Axis Asset Management to British multinational asset management company Schroders. [Legally India]
Axis: Bharucha & Partners partner Alka Bharucha and associate Siddharth Manchanda.
Schroders: Amarchand Mangaldas Mumbai partner Ashwath Rau and principal associate Aysswarya Murthi.

Japan’s largest non-life insurer Mitsui Sumitomo purchased 26 per cent equity for Rs 2,731 crore in Max New York Life Insurance which is the joint venture of Indian insurer Max India and US insurer New York Life Insurance. [Legally India]
Mitsui: Amarchand & Mangaldas Bangalore partners Nivedita Rao and Arjun Lall along with senior associate Anand Jayachandran, associate Maria Cheeran, and Delhi-based principal associate Amit Singhania, with Paul Weiss London partner David Lakhdhir and Tokyo partner Kaye Yoshino.
Max India: AZB & Partners Delhi managing partner Ajay Bahl, along with partners Anil Kasturi and Ravi Prakash and associates Atreyee Banerjee, Debanshu Mukherjee and Chandni Ghei acted for Max India.
New York Life: Platinum Partners Mumbai-based partners Nihar Mody and Yashasvi Mohanram, with Freshfields Bruckhaus Deringer New York partner Matthew Jacobson and London based partner Pratap Amin.

Japanese manufacturing and engineering corporation Hitachi Zosen formed a Rs 110 crore joint venture with Indian diversified engineering company ISGEC Heavy Engineering. [Legally India]
Hitachi Zosen: Agarwal Jetley & Co managing partner Praveen Agarwal with partner Mandira Mitra and associate Garima Goel.

Energy, chemicals and entertainment business conglomerate Inox group’s fluoro-chemical business Gujarat Fluorochemicals (GFL) sold its wind energy business to its subsidiary Inox renewables in a slump sale.
GFL: Khaitan & Co partners Haigreve Khaitan, Anand Mehta, Joy Jacob and Sanjay Sanghvi.

Private equity

Global financial services provider Rabobank sponsored India Agri Business fund invested Rs 50 crore ($9.4m) in Hyderabad based hybrid seed producer Super Agri Seeds.
India Agri Business Fund: Trilegal Hyderabad partner D Pavan Kumar and sssociates Emil Joseph and Nayantara Kutty.
Super Agri Seeds: Chartered Accountant firm Italia & Associates.

Global investment firms Kohlberg Kravis and Roberts (KKR) and Goldman Sachs together invested Rs 242 crore ($46m) in Indian logistics company TVS Logistics Services. [Legally India]
TVS Logistics: J Sagar Associates Bangalore partners Vivek Chandy and Raj Ramachandran with associates Siddharth Vedula and Kuriyan KZ and senior associate Karthik BM and associates Nischal Reddy and Arun Balu Shankar.
KKR: AZB & Partners Mumbai partner Ashwin Ramanathan.
Goldman Sachs: AZB Delhi partner Gautam Saha.

UK based PE fund Advent International bought Rs 552 crore of Hyderabad-based hospital Quality care India’s equity. [Legally India]
Advent: Khaitan & Co corporate partners Haigreve Khaitan and Bhavik Narsana with dispute resolution partner Chakrapani Misra, direct tax partner Sanjay Sanghvi, and real estate associate partner Abhishek Sharma, and Weil Gotshal & Manges senior associate Simon Lyell.
Quality Care India: Wadia Ghandy partners Ashish Ahuja and Farnawaz Mistry.

South-east Asia focused PE firm New Silk Route acquired Rs. 175 crore ($33.2m) of equity and compulsory convertible preference shares of Karnataka-based logistics and transport company VRL Logistics. [Legally India] New Silk Route: S&R Associates partner Sandip Bhagat, with associates Bhakta Patnaik, Vivek Kumar and S Vivek.
VRL Logistics: Trilegal Mumbai partner Srinivas Parthasarathy and associates Zara Kaushik and Silpa Nair.

Capital markets

Non banking financial company Muthoot Finance filed its public issue of Rs 260 crore ($50m) in secured non-convertible debentures on 23 February 2012.
AZB & Partners partner Srinath Dasari acted for Muthoot Finance and for the issue’s lead managers ICICI Securities, HDFC Bank, JM Financial Consultants, Karvy Investor Services, RR Investors Capital Services and YES Bank.

Auto ancillaries manufacturer Amtek India made a Rs 650 crore ($130m) issue of 6 per cent unsecured foreign currency convertible bonds listed on the Singapore Stock Exchange on 5 April 2012.
Amtek: Vaish Associates partner Satwinder Singh with principal associates Manish Tully and Sushma Mathur and associates Gaurav Jaggi, Sougata Kundu, Kapil Manocha and Nitin Gera, with Linklaters.

Nasdaq-listed IT company iGate Corp delisted its Mumbai based unit Patni Computer Systems for Rs 1400 crore. [Legally India]
iGate: AZB & Partners Mumbai partners Essaji Vahanvati and Varoon Chandra acted for Pan-Asia iGate Solutions and iGate Global Solutions, with Kirkland & Ellis New York partner Srinivas Kaushik and securities partners Josh Korff and Michael Kim.
Patni: Wadia Ghandy partner Ashish Ahuja and associate Vivek Pillai, with Hogan Lovells Washington DC partners Joseph Connelly and Marcia Weiss and London partner Peter Kohl.


Indian steel manufacturer JSW Steel was co-financed a Rs 683.6 crore (¥10.3bn) loan by Japan Bank for International Corporation and Mizuho Corporate Bank through a buyer’s credit agreement signed on 23 March 2012.
JSW Steel: AZB & Partners co-founding partner Bahram Vakil with associate Kumarjit Ray.

If you would like your deals included in future deals round-ups, please send us an email at with details of the transaction and lead partners.

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