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Deals > Amarchand-Clasis: Educomp PE | AMSS-DSK: Asian Paints | Khaitan: Indiabulls buy | AMSS-AZB: NIIT block sale | JSA: Thermal project | AZB: $904m Essar Oil loan | HSA: Yash Raj financing

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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By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.
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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 -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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