Infrastructure led the way with one of the biggest recent M&As in the space with Desai & Diwanji and Amarchand selling IVRCL’s equity to the Tata group.

And Pipavav joined a brigade of companies running to IIFCL to avail financing under its takeout scheme, aided by Dhir & Dhir.

Meanwhile, 13 other instructions with Crawford Bayley, Rajani, KSP, HSA, JSA, Universal Legal, NDR, SNG, AZB, Vaish, and ELP...

Plus a round-up of all other deals previously reported.

If you have completed a deal or litigation, please send your latest update to . A one-liner email will do, exclusive news always preferred.

Deal highlights

Exclusive: Project M&A

Construction company IVRCL sold its stake in highway project companies Salem Tollways, Kumara Palayalam Tollways, and IVRCL Chengapally Tollways, having a total project cost of Rs 2,200 crore to Tata Group promoted TRIL Roads [Mint]

IVRCL: Desai & Diwanji Mumbai associate partner Aneesh Gupte and senior associate Amanjot Malhi. Gupte said that the sale by IVRCL, which had been the firm’s client for around a year now, was one of the biggest in the highway infrastructure space recently.

TRIL Roads: Amarchand Mangaldas Mumbai partner Jaya Singhania, senior associate Monisha Mahapatra, and associate Shikha Parakh

Infrastructure takeout finance scheme

The government’s India Infrastructure Finance Company (IIFCL) financed Rs 400 crore under its takeout finance scheme that was first announced in the 2009-10 general budget, and again in the 2011-12 budget.

IDFC had loaned Rs 2,120 crore to MEP Infrastructure for five flyovers on Mumbai entry-points, to be worked on with Maharashtra State Road Development Corporation. IIFCL also financed Rs 419 crore to Pipavav Defence and Offshore Engineering Company under the scheme, for developing the Pipavav Port in Gujarat.

IIFCL has disbursed a total of Rs 2,126 crore during 2012-2013 under the takeout finance scheme [Hindu BL]

IIFCL: Dhir & Dhir Associates Delhi partner Jay Cheema, principal associate Girish Rawat and associates Guranpreet Sama and Jyoti Ojha

Cheema said: “In the budget of last year a major emphasis was laid on the infrastructure sector since it was reeling under a huge debt. It is still reeling under a huge debt, simply for the reason that large borrowings were made. To facilitate [the dissoultion of debt] the scheme has now been more proactively used since the last budget. Infrastructure companies are really going to the IIFCL.”

Project finance

The Rural Electirification Corporation (REC) funded Rs 487 crore to Gati Infrastructure for a hydro-electric power project in Sikkim
REC: Khaitan Sud & Partners Delhi principal associate Sujeet Das and senior associate Priyadarshi Debashish Satapathy
The State Bank of India (SBI) extended Rs 1000 crore to Bhushan Steel
SBI: Khaitan Sud & Partners Delhi principal associate Sujeet Das, senior associate Priyadarshi Debashish Satapathy, and associate Henna Vadhera

Capital markets

The Ministry of Steel divested 5.82 per cent stake in Steel Authority of India (SAIL) for Rs 1,516 crore ($279m) through offer for sale on the BSE and the NSE. Axis Capital India, Deutsche Equities, HSBC Securities, JP Morgan, Kotak Securities, and SBICAP Securities were the brokers to the issue
Ministry of Steel: Crawford Bayley & Co Mumbai partner Sanjay Asher, and Dorsey & Whitney partners John Chrisman and Ted Farris [Money Control]
Brokers: Amarchand Mangaldas Delhi capital markets partner Prashant Gupta, with principal associate designate Sayantan Dutta and senior associate designate Apurva Rai, and Cleary Gottlieb Steen & Hamilton partner Sebastian Sperber

Mumbai-based steel-maker Uttam Galva Steels (UGSL) made a qualified institutional placement of 20 million shares for Rs 160 crore. Anand Rathi Advisors was the book-running lead manager to the issue [ET]
UGSL: Rajani Associates partner Sangeeta Lakhi with associates Tomu Francis, Kirti Iyer, Nidhi Arya and Priyam Ray 
Anand Rathi Advisors: In-house

Corporate/M&A

Power company Amplus Infrastructure Developers bought VRL Logistics’ 42.5MW wind power generation facility in Karnataka
Amplus: HSA Advocates Delhi partner Aparajit Bhattacharya, partner designate Harvinder Singh, and senior associate Sumedha Dutta
VRL: J Sagar Associates (JSA) partner Sumanto Basu, and senior associates Vikrant Patwardhan and Deepak Kumar Thakur

The Chennai-based Swelect Energy Systems bought 49 per cent stake in Bangalore-based photovoltaic module maker HHV Solar Technologies
Swelect: Universal Legal partner Kavitha Vijay with senior associates Sameena Chatapathy and Bhavana Alexander and associate Prathima Vikranth
HHV Solar: Erstwhile Narasappa Doraswamy Raja (now Samvad) Bangalore co-founding partner Harish Narasappa and senior associate Bhargavi TM

Private equity

Mumbai-based visual entertainment services company Prime Focus, backed by StanChart, raised Rs 54 crore ($10m) through its wholly owned Dutch arm Prime focus World NV from Hong Kong based private equity firm AID Capital Partners [VC Circle]
Prime Focus: SNG & Partners partner Amit Aggarwal with senior associate Devyani Dhawan and legal consultant Aditya Vikram Dua
AID Capital Partners: Eversheds Hong Kong corporate partners Norman Hui and Stephen Mok and Amsterdam partners Tom Van Wigngaarden and Mick Van Waateringe

NMI Frontier Fund KS, International Finance Corporation (IFC) and Aavishkaar Goodwell India Microfinance Development Company II completed a second round investment in Utkarsh Micro Finance Private Limited, a Varanasi- based microfinance company
Utkarsh: Universal Legal partner Kavitha Vijay and senior associate Bhavana Alexander
IFC: AZB & Partners Noida partner Gautam Saha and associates Swati Chauhan and Shuchi Sinha

Competition

The Competition Commission of India (CCI) dismissed charges of abuse of dominant position against Zee Turner. The CCI held that Media Pro Enterprise India - a joint venture of Zee Turner and Star Den was not a dominant player in the TV channel aggregation and distribution market [ET]
Zee Turner: Vaish Associates Delhi head of competition law practice MM Sharma with senior associate Vaibhav Choukse and associate Deepika Rajpal
Star Den: AZB & Partners Mumbai partner Shuva Mandal
MediaPro: Economic Laws Practice (ELP) partner Suhail Nathani and former ELP partner Samir Gandhi

Previously reported on Legally India

Singapore PE fund Templeton SEM IV invested Rs 70 crore ($13m) in Globus Spirits. BMR Advisors, Vaish Associates, Crawford Bayley

2 Lexygen PEs with AZB, Luthra | SNG, Amarchand on TDI City | AZB, LG on $151m GIC Greenko buy & more

Star TV-India News pitted Saikrishna v Dua | PXV scores iMerit-Omidyar opposite Desai & D

Luthra, Rajani build Rs 35 cr Motilal PE in Magicrete

 

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Like +2 Object -0 qwerty 04 Apr 13, 18:16
the head reels with acronyms. why do Indians avoid naming or referring to firms.companies using words. jsa, has, iifcl, sail, cci, wri, pvx, syr, myi, qwi. gyi....
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