Deals Feed

AZB & Partners and Norton Rose’s African merger partner have advised India’s Essar Group on its majority stake take-over of Zimbabwe’s state-owned steel unit Zimbabwe Iron and Steel Company (ZISCO) for $750m.

Amarchand Mangaldas, Khaitan & Co and Japanese law firm Anderson Mori & Tomotsune have advised on Asia’s largest life insurance company Nippon Life Insurance Co buying $680m (Rs 3,062 crore) or 26 per cent in Reliance Insurance, marking it the largest ever foreign direct investment (FDI) in the Indian insurance sector.

Vaish Associates Advocates and Desai & Diwanji have advised on the complete buy-out of Premier Tissues (India) Limited by Avantha Group’s Ballarpur Industries for Rs 42 crore ($9.3m).

India Law Services (ILS) and Laware Associates, which was set up in 2007 by a Nalsar Hyderabad graduate, have advised on two National Highways Authority of India (NHAI) expressway and toll road projects of nearly Rs 3,000 crore ($660m).

Shearman & Sterling, DLA Piper, Freshfields Bruckhaus Deringer, Salans, Linklaters and Clifford Chance have advised on Tata Steel’s sale of Teesside Cast Products’s (TCP’s) assets to Thailand’s largest steel producer Sahaviriya Steel for $469m.

Vaish Associates Advocates has advised wind turbine manufacturer Enercon for the supply of wind turbines and associated facilities worth $198m to CLP India for the development of two greenfield energy projects in Andhra Pradesh and Rajasthan.

Kochhar & Co and AZB & Partners have advised venture capital firms New Enterprise Associates (NEA) and Headland Capital respectively on their Rs 70 crore equity investment in mobile value added services (VAS) provider ValueFirst Messaging.

AZB & Partners and Amarchand Mangaldas have advised on GVK Airport Holdings’ 13.5 per cent stake acquisition of Bid Services’ shares in Mumbai International Airport to become the largest shareholder in the consortium of airport operators.

Luthra & Luthra has advised Kohlapar-based Ratnakar Bank in raising Rs 720 crore ($160m) of equity funding from institutional investors and a private equity (PE) consortium including US-based Cartica Capital, which drafted in Khaitan & Co.

India Law Services (ILS) has acted as lenders' legal counsel on three external commercial borrowings (ECB) and loan structurings of Reliance Power worth around $50m of for the second phase development of its Uttar Pradesh-based 1,200 MW Rosa Power project.

ILS advised Axis Bank, Allahabad Bank and Syndicate Bank on the execution of three different loan agreements as well as conversion of existing Rupee term loans into foreign currency loans to enable Rosa Power Supply to reach full-capacity power generation.

ILS Mumbai-based partner Tushar Desai led the transaction for the lender consortium while the borrower Anil Dhirubhai Ambani Group (ADAG)-owned Reliance Power acted through its in-house legal team.

Desai told Legally India: “The Axis Bank Ltd and Allahabad Bank granted such foreign currency loans through their respective Hong Kong branches, Syndicate Bank did so from its London branch.

“While the first transaction of Axis Bank Ltd.,(for $20m), was signed in October 2010, the other two were with Allahabad Bank ($15m) and Syndicate Bank ($15m) were signed in January 2011. In this case individual facility agreements were executed with each of the ECB lenders and other finance documents were executed for inclusion of the ECB Lenders as part of the consortium.”

According to the Economic Times the Rosa plant recently hit 105 per cent of its power generation capacity last month.

Kochhar & Co has won state-owned gas and transmission company GAIL’s contract for rendering of legal services over other co-bidders and qualifiers of technical round such as Amarchand Mangaldas, Trilegal, Singhania & Partners, Fox Mandal and APJ – SLG, said the firm.

Delhi firm LexCounsel has advised longstanding clients venture capital (VC) fund LeapStart Trust on its third portfolio investment with a a 26 per cent stake in English e-learning group Liqvid eLearning after a prior focus on technology and hospitality sectors.

Juris Corp and Tatva Legal have advised on private equity fund BanayanTree Growth Capital’s minority stake investment in oil, gas and power services company Dee Development Engineers.

Phoenix Legal and Hogan Lovells’ Japanese office have advised advised Japan’s Sojitz Corporation on its joint venture with South Indian business conglomerate Archean Group top operate a marine chemicals plant in India.

AZB & Partners, Talwar Thakore & Associates, Allen & Overy (A&O), Linklaters and Vinson & Elkins have advised on oil major British Petroleum’s (BP) record acquisition of 30 per cent of 23 oil and gas production sharing contracts (including the KG D6 block) operated by Reliance Industries Limited (RIL) for a consideration of $7.2bn (Rs 32,500 crore).

Luthra & Luthra has advised a Power Finance Corporation-led consortium of 27 lenders to fund KSK Mahanadi’s Rs 16,190 crore power project in the state of Chhattisgarh.

Amarchand and MMB Legal with London firms Nabarro and Taylor Wessing on complex deal between Infrastructure India and Guggenheim involving AIM fundraising and two asset acquisitions.

Exclusive: Test prep company Career Launcher takes on Rs 50 crore private equity cash for school chain.

ALMT Legal partner Hitesh Jain advised the organising company of Canadian crooner Bryan Adams’ India tour that kicked off in Mumbai and Pune last weekend.

Exclusive: R&A Legal, S&R Associates, Latham & Watkins, Spanish firm Uria Menendez and India Law Services have advised on the internal restructuring of Spanish infrastructure company Grupo Isolux Corsan’s investments into an Indian Rs 4,518 crore ($997m) road project.

Exclusive: Delhi-based intellectual property (IP) boutique IP Gurus has acted for the manufacturers of Rubik’s Cubes resulting in police arrests of four alleged counterfeit cube puzzle sellers.

Vaish Associates has advised Pune-based Infospectrum on the sale of its outsourced product development (OPD) business to Persistent Systems, advised in-house by its company secretary and legal head.

Crawford Bayley & Co has advised Clariant Chemicals on Rs 240 crore ($53m) real estate transaction involving the sale of its Mumbai-suburban factory premises to Kalpataru Builders-owned Ananta Landmarks, which hired Mumbai law firm Federal & Rashmikant as legal counsels.

Luthra & Luthra and DLA Piper have bagged the 12,500 crore ($2.75bn) follow-on share sale of ONGC, beating five other law firms in a competitive tender, with Amarchand Mangaldas Delhi winning the mandate for the bankers.

Clifford Chance joined hands with J Sagar Associates (JSA) and AZB & Partners to jointly advise Bayer Healthcare on its JV with Cadila Healthcare.

AZB & Partners was the busiest private equity legal advisor of 2010 ahead of ALMT Legal and Indus Law tied in second place followed by DSK Legal and Tatva Legal. Amarchand Mangaldas and Trilegal came in fourth and fifth places respectively, according to a volume-based league table by data provider Venture Intelligence.

Exclusive: PXV Law Partners and Indus Law Advocates have advised on Rs 15 crore venture capital investment in a start up Glocal Hospital by private equity firms Sequoia Capital and Elevar Equity to develop health care facilities in rural West Bengal.

Trilegal and Link Legal have advised power producer Caparo Energy’s $ 1.28bn contract for supply of wind power projects equipment with India’s largest turbine manufacturers Suzlon India.

Hemant Sahai Associates (HSA) acted as sole legal advisor on a micro finance investment by the Michael & Susan Dell Foundation in Delhi-based organisation Invest India Micro Pension Services Private Limited (IIMPS) raising roughly $1m for retirement pension plans and other savings.

J Sagar Associates (JSA) acted for private equity firm BTS Investment Advisors on its Rs 36 crore ($7.9m) investment in car rental company Carzonrent which was advised by Amarchand Mangaldas.

Exclusive: Majmudar & Co and Desai & Diwanji have advised on the 50 per cent stake sale of Rolta India’s shares in joint venture company Shaw Rolta Limited to partner Stone & Webster for an aggregate $35.5m in consideration.

Exclusive: Luthra & Luthra has maintained its lead in the project finance domain as the top Indian and second-ranked law firm globally by deal volumes. Amarchand Mangaldas, S J Law Advocates, India Law Services and AZB & Partners followed up in the domestic rankings, where 163 projects worth $81.4bn were completed in India in 2010, according to data provider Dealogic.

Majmudar & Co, Dua Associates and J Sagar Associates (JSA) have advised on the $12m venture capital investment by Reliance Venture Asset Management and GE Oil and Gas in renewable energy firm AllGreen Energy for its first biomass project in Tamil Nadu.

Khaitan & Co has advised UAE-headquartered Mashreqbank PSC on its contract with business process outsourcing (BPO) provider WNS Global’s India-based operations for outbound calling in banking services for clients in English and Arabic for an undisclosed amount.

J Sagar Associates (JSA) and Wadia Ghandy have advised on the $5m funding of online auto auction portal MotorExchange Solutions (MXC) by venture capitalist firms Epiphany Overseas and Canaan Partners.

Exclusive: AZB & Partners has topped Legally India’s 2010-2011 quarterly initial public offering (IPO) league table taking it to second place in the financial year IPO rankings to date behind Amarchand Mangaldas and overtaking Luthra & Luthra, which did not file any IPOs in the last quarter.

Exclusive: AZB & Partners and J Sagar Associates (JSA) have advised India’s sixth largest IT firm Patni Computer Systems that was bought by Apax Partners-backed iGate for $1.22bn, which drafted in Khaitan & Co and Kirkland & Ellis as legal advisers.

Lexygen and Linklaters advised a Carlyle Group-led consortium of the losing bidders, where Amarchand Mangaldas is understood to have provided the advice to the bid’s merchant banks.

Mumbai-based firm Wakhariya & Wakhariya and Bachubhai Munim & Co have advised in Novartis Pharma's 49 per cent $22.3m acquisition of Aventis Pharma’s equity in anti-rabies vaccine manufacturer Chiron Behring Vaccines.

Exclusive: Khaitan & Co has closed the corporate debt restructuring (CDR) of roughly Rs 2,500 crore ($550m) of outstanding debts of former Satyam-owned Maytas Infrastructure following the company’s agreement with the lender banks in June this year.

Desai & Diwanji has advised IDFC Mutual Fund on its estimated Rs 300 crore ($66m) sale of a 25 per cent stake in IDFC Asset Management Company to French asset manager Natixis, which was advised by Amarchand Mangaldas Mumbai.

Majmudar & Co and K&L Gates have advised on e-commerce enterprise Rearden Commerce’s world-wide acquisition of Ketera Technologies, which was advised by DLA Piper and Thakker & Thakker that will cease operating at the end of this year.

Exclusive: M Dhruva & Partners and senior counsel Janak Dwarkadas won an interim order from the Securities Appellate Tribunal (SAT) in favour of Ackruti City, allowing Ackruti’s promoters to pledge their own shares after the Securities and Exchange Board of India (SEBI) on 2 December banned the promoters from dealing in their shares following allegations of price manipulation.

Senior advocate Fali Nariman led industrial house Wadia Group’s victory in a high-profile property dispute matter in the Bombay High Court against real estate developers G L Raheja which was represented by Bharucha & Partners and senior counsel Abhishek Manu Singhvi, reported the Economic Times.

Amarchand Mangaldas has advised J P Morgan India’s real estate investment fund on its partial Rs 115.23 crore ($25.4m) exit in B Raheja Builders to builder group K Raheja, which hired Wadia Ghandy as legal counsel.

Exclusive: The Bombay High Court declined interim relief in an action filed by M Dhruva & Partners on behalf of its client Crimson Hospitality Services against developers Lavasa Corporation, which allegedly violated a court injunction of an earlier public interest litigation (PIL).

Start-up firm Axon Partners LLP has closed nearly a year restructuring roughly $2bn of debt of steel producer Jindal Stainless (JSL), with Amarchand Mangaldas and Clifford Chance jointly advising a variety of lending banks.

AZB & Partners and Amarchand Mangaldas have advised on a majority of M&A mandates out of 26India-related transactions in November, according to data aggregated by mergermarket.

J Sagar Associates’ (JSA) Bangalore office has advised Volvo Bus Corporation in the buy-out of a 30 per cent stake of its Indian joint venture from partner Jaico Automobile Engineering, which hired AKS Law Associates.

Crawford Bayley and Amarchand Mangaldas have been duking it out in the Bombay High Court on behalf of expelled Indian Premier League (IPL) team Rajasthan Royals and the Board for Control of Cricket in India (BCCI) respectively, with a ruling on an arbitrator’s interim relief expected this week.

Amarchand Mangaldas has advised JSW Energy on its $422m (Rs 1,900 crore) acquisition of Canadian power company CIC Energy with a raft of international law firms.

DLA Piper’s new German hires and Khaitan & Co have advised photovoltaic company Gehrlicher Solar AG on its reported $5m+ joint venture with Indian green-tech company Greenforce Enviro, which was advised by Mumbai firm I&S Associates.

AZB & Partners and US firms Foley Lardner and Baker & Daniels have advised on the Rs 450 crore ($100m) acquisition of US hair product company Namasté Laboratories by Dabur India’s US unit company Dermoviva Skin Essentials Inc.

Karanjawala & Company partner Manik Karanjawala is representing Tata Group chairman Ratan Tata who has approached the Supreme Court today about the Nira Radia tapes that he alleges violated his privacy, reported the Indian Express.

DSK Legal and UK firm Stephenson Harwood have closed a Rs 1,000 crore ($219m) joint venture (JV) between JSW Steel and UK steel major Severfield this month.

The Mumbai offices of Amarchand Mangaldas and AZB & Partners have advised on the acquisition by India’s third-largest private sector bank Axis Bank of financial services businesses of Enam Securities Private Limited (Enam) for Rs 2,067 crore ($450m).

Listed Indian software services company Zensar Technologies has bought Dutch-American software company Akibia for $66m, advised by Khaitan & Co and US firms Greenberg Traurig and Stahl Cowen Crowley Addis.

Exclusive: Naik Paranjpe & Co said it won back the 9pm prime-time slot for Viacom18 Media television show Bigg-Boss 4, following the Information and Broadcasting Ministry’s categorisation of the show as an adult show after complaints of vulgarity, having pushed the show’s airing to the later 11pm slot.

Khaitan & Co and UK firm Berwin Leighton Paisner (BLP) have advised on the Global Depository Receipt (GDR) issue of Indian coal-bed methane producer Great Eastern Energy Corporation Limited (GEECL) on the London Stock Exchange (LSE) after its listing on London's Alternative Investments Market (AIM) earlier in 2005.

Khaitan and Partners has acted for long-standing clients Jet Airways in a criminal action instituted against an individual who allegedly siphoned off Rs 2.07 crores from the airline’s account by seeking double refunds on the cancellation of 163 airline tickets.

Phoenix Legal and Tatva Legal have advised on the global catering and onboard services provider Gategroup’s 74 per cent stake take-over of India’s leading airline catering company Skygourmet, which is valued at $92m.

Media law specialist Naik Paranjpe & Co has secured exhibition and distribution rights for multi-starrer film Action Replayy by winning a favourable interim order from the Competition Commission of India (CCI) against six distributors for allegedly indulging in anti-competitive cartelisation practices.

AZB & Partners and Amarchand Mangaldas Delhi have advised on the world’s largest express shipping company FedEx’s acquisition of Indian logistics services provider AFL Private Limited and its subsidiary Unifreight.