The latest deals, wrapped in one storyThe latest deals, wrapped in one story

Amarchand Mangaldas, AZB & Partners, JSA, Khaitan & Co, DSK Legal, HSA Advocates and Clasis Law reported activity in glamorous PEs, vibrant M&As, savvy markets, and many power-packed financings.

Private Equity

French banker Groupe BPCE’s investment management arm Natixis Coficine financed Hindi film production house Yash Raj Films’ upcoming Hollywood movie
Yash Raj Films: HSA Advocates partner Navin Syiem, senior associate Rajesh Pathania and associate Shraddha Malhotra
Natixis Coficine: International law firm Reed Smith LLP

PEs, World Bank member IFC and French financer Proparco funded Rs 554 crore ($100m) for interactive education software services provider Educomp Solutions, by buying Educomp’s equity worth $20m, FCCBs worth $10m and syndicating a loan worth $70m. In parallel $50m was raised by preferential allotment of shares to IFC, Proparco and Mount Kellett.
Educomp Solutions: Clasis Law partners Vineet Aneja, Ishtiaq Ali and Damodara Rao, senior associates Mohit Sharma and Sangeeta Jhunjhunwala and associate Rajat Sehgal
IFC and Proparco: Amarchand Mangaldas partners Ravindra Bandhakavi and Shilpa Mankar Ahluwalia, principal associate Pooja Mahajan, senior associate Nidhi Seth, and associates Parnika Malhotra and Shubhangi Garg
Mount Kellett: AZB & Partners partner Shuva Mandal and senior associate Nilanjana Singh

Corporate/M&A and Joint Ventures

Protective paint-coatings business PPG Coatings India formed a new joint venture (JV), and expanded an existing JV, with non-decorative paints-maker Asian Paints’ group company AP Coatings. The expanded JV is Asian PPG Industries and the new JV is Asian Paints PPG
PPG Industries: Amarchand Mangaldas partners Anuj Prasad and Anirudh Das, principal associate Anubhuti Agarwal, senior associate Anu Susan Abraham, and associate Nandini Gangal and Rohan Dheman
Asian Paints: DSK Legal partners Raksha Kothari and Nirav Shah, and Rajesh Shah & Co

Calcutta power producer and supplier CESC bought Indian diversified conglomerate Indiabulls’ Sikkim-based 90 MW hydropower producing subsidiary Papu Hydropower
CESC: Khaitan & Co partner Amitabh Sharma and associate partner Nishant K Singh
Indiabulls: In-house

Capital Markets

Global IT and software service provider NIIT Technologies’ promoters sold 7.3 per cent of the company’s equity held by them for Rs 120 crore ($21.6m) through a special block deal window offered by National Stock Exchange and Bombay Stock Exchange. Citigroup Global Markets India were the brokers to the offer
Promoters: Amarchand Mangaldas partner Prashant Gupta and senior associate Monal Mukherjee
Citigroup Global Markets India: AZB & Partners and international law firm Cleary Gottlieb Steen & Hamilton

Project Finance

IDBI Bank led a consortium of banks in financing Rs 330 crore for hydropower PSU Jaiprakash Power Ventures’ (JPVL) Madhya Pradesh thermal power project - the 500 MW Bina power plant
IDBI-led consortium: J Sagar Associates (JSA) partner Aashit Shah and senior associates Deepak Thakur and Sugandha Asthana
JPVL: In-house

Banking and Finance

State Bank of India (SBI) extended a term loan of Rs 5000 crore ($904m) to Essar Oil
SBI: AZB & Partners partner Bahram Vakil and associate Kumarjit Ray
Essar Oil: In-house

International investment bank Standard Chartered’s London branch loaned €120 million (Rs 826 crore) to Indian multinational power generator Crompton Greaves’ Netherland unit which bought Spanish digital electricity-generation equipment maker ZIV Aplicaciones Y Tecnologia, through the overseas direct investment route
Standard Chartered: Khaitan & Co partner Devidas Banerji, and Clifford Chance

ICICI bank led a consortium of lenders in extending a term loan of Rs 50 crore to thermal power producer Great Eastern Energy Corporation (GEECL) for expansion of its West Bengal based coal bed methane facility
ICICI and other lenders: Luthra & Luthra
GEECL: Khaitan & Co partner Devidas Banerji

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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Like +1 Object -1 Curious 07 Aug 12, 17:24
If I am not wrong Educomp was a client of Indus law Delhi. Are they still giving them work ?
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Like +1 Object -1 kianganz 07 Aug 12, 17:29
LexCounsel has also worked for Educomp quite often:
http://www.legallyindia.com/index.php?searchword=educomp&ordering=&searchphrase=all&Itemid=1&option=com_search
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Like +1 Object -0 Ghanta 08 Aug 12, 14:44
Shraddahas work is doable.
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Like +1 Object -1 Anonymous 09 Aug 12, 10:46
Why so much disparity in the reportings by LI and Bar & Bench regarding the Educomp deal?
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Like +1 Object -1 kianganz 09 Aug 12, 11:50
Thanks for your comment. We have updated our report to include AZB & Partners, who were involved in a parallel part of the investment - the preferential allotment to their client Mount Kellett and others.

At the time of going to press before Bar & Bench we hadn't confirmed the name of AZB's partner involved yet - thanks for your reminder, have now updated.
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