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The latest deals involving Indian companies and law firms.

19 January 2017
Corporate M&A

I-Nurture Education Solutions Private Limited, a higher educational services company, has entered into a joint venture agreement with Galileo Global Education France Sas, which is the largest higher education company in France and Europe.

19 January 2017
Private equity / VC

Thermal Energy Solutions Pvt Ltd (TESSOL), a company engaged in providing next-generation clean technology cold chain solutions, has raised an undisclosed amount from Infuse Ventures and Ankur Capital. TESSOL, founded by Mr. Rajat Gupta, had raised seed investment from Infuse Ventures in 2014.

12 January 2017
Corporate M&A

Cyril Amarchand Mangaldas has acted on $40.4bn worth of mergers and acquisition in the 2016 calendar year, according to researcher mergermarket, with AZB & Partners having recorded $30.1bn of M&A deals in the same period.

12 January 2017
Private equity / VC

"Gurgaon-based developer Vatika Group on Friday secured Rs 700 crore funding from Altico Capital and has closed the first tranche of Rs 475 crore,” reported Mint.

11 January 2017
Corporate M&A

News Corp-backed real estate portal PropTiger said on Tuesday that Mumbai-based Housing.com will merge with it in an all stock deal, and that it will receive $50 million in fresh funds from News Corp.’s REA Group Ltd and $5 million from SoftBank Group.

09 January 2017
Private equity / VC

"EcoCentric Management Pvt Ltd (ECMPL), a Mumbai-based e-waste management firm, has raised its first round of growth capital from a couple of high net worth individuals (HNIs). The funding will be utilized to increase capacity and expand its reach pan-India,” reported Enablers Investment.

06 January 2017
Private equity / VC

"International Finance Corp (IFC), the private sector investment arm of World Bank, on Thursday said it has invested $125m in Hero Future Energies, the renewable energy arm of the Hero Group, for an undisclosed equity stake.

03 January 2017
Corporate M&A

"IDFC Bank has signed a share purchase agreement with Grama Vidiyal Micro Finance (GVMFL) for acquisition of 100 percent equity share capital of GVMFL,” according to IDFC’s filing as reported by Money Control. AZB & Partners partner Srinath Dasari and senior associate Gautam Rego acted for IDFC.

22 December 2016
Litigation

Kochhar & Co has sent a legal notice to the makers of Bollywood sequel The State vs Jolly LLB 2 on behalf of footwear empire Bata, asking them to remove and apologise for an allegedly disparaging trailer of the movie in which the reputation of Bata as a brand is allegedly damaged.

13 December 2016
Private equity / VC

"HR Food Processing, which manufactures and markets dairy products under the brand name Osam, has raised Rs 45 crore (around $6.7m) in its Series B round of funding, it said in a statement. The round was led by Lok Capital-advised Growth Catalyst Partners. HR Food’s existing investor Aavishkaar also participated in this round,” reported VC Circle.

05 December 2016
Private equity / VC

"American Express Ventures, the corporate venture investment arm of American Express Co, has led a $4m (Rs 26.6 crore) funding round in fintech startup IndiaLends, its second transaction in the country in as many months,” reported the Economic Times.

25 November 2016
Corporate M&A

“Hero MotoCorp, India’s largest two-wheeler manufacturer, is investing up to Rs 205 crore in electric automotive startup Ather Energy for a 26-30% stake in one of the biggest deals in the nascent sector. Ather has received Rs 180 crore of the total investment with the rest due to be released in tranches. The deal values the three-year-old company at Rs 680 - Rs 790 crore.” reported The Economic Times.

23 November 2016
Private equity / VC

Silicon Valley-based venture capital firm Lightspeed Venture Partners has invested $10m in Hiveloop Technology, which provides a B2B e-commerce marketplace platform under the brand ‘Udaan’. The company is founded by three former top executives of Flipkart, namely Sujeet Kumar, who led WS Retail at Flipkart, Amod Malviya, ex-CTO of Flipkart, and Vaibhav Gupta, former Senior VP who was leading product management and finance functions at Flipkart.

21 November 2016
Corporate M&A

"Direct-to-home television operator Dish TV will merge with Videocon d2h, creating India’s largest media company by sales. Dish TV is the market leader in the DTH space while Videocon is the third largest by subscribers. Their combined sales in FY16 were Rs 5,920 crore, more than Zee Entertainment, which had sales of Rs 5,850 crore. Both Zee and Dish are part of Subhash Chandra’s Essel Group.

18 November 2016
Corporate M&A

"[Quess Corp] entered into a definitive agreement to acquire a 49 per cent stake in Terrier Security Services (India) (Terrier), marking its entry into the manned guarding and security solutions business. With a track record of over 27 years, Terrier is among the leading providers of manned guarding services in India. In addition, Terrier also provides training services for security personnel and electronic security solutions to clients,” reported the Financial Express.

16 November 2016
Private equity / VC

"Square Yards Consulting Pvt. Ltd, a real estate listings and advisory firm, has raised $12 million from the private equity arm of Anil Ambani-led Reliance Group,” reported Mint.

14 November 2016
Finance

"A week after the Essar group signed a mega $12.9bn deal to sell Essar Oil and Vadinar Port to Rosneft of Russia, three banks — ICICI Bank, Axis Bank and Standard Chartered Bank — have received over $2.5bn (around Rs 16,750 crore) from the Essar group towards repayment of loans to Essar Global,” reported the Indian Express.

11 November 2016
Litigation

The Supreme Court is close to banning the sale of firecrackers in Delhi, as it today said it will soon pass an order prohibiting the licensing authority for the sale of firecrackers from issuing new licenses. It will also ask the authority to suspend existing licenses and to recall the existing stock of firecrackers with sellers.

11 November 2016
Corporate M&A

"Detergent major Nirma, which in July had agreed to buy the cement business of the French major Lafarge India, today raised Rs 4,000 crore debt to fund the deal, making it the largest rupee bond sale for a leveraged buyout,” reported Money Control.

10 November 2016
Corporate M&A

"In one of the largest deals in the retail real estate market in India, Dutch pension fund asset manager APG Asset Management and Virtuous Retail, the retail development arm of The Xander Group, have partnered to form a joint venture worth $450m, the companies said in a statement,” reported VC Circle.

07 November 2016
Capital Markets

"The Rs 1,112.50-crore IPO of Varun Beverages was subscribed 1.86 times at a price band of Rs 440-445. The public issue was open during October 26-28.” reported the Economic Times.

04 November 2016
Capital Markets

“State-owned NBCC’s share sale garnered 1.54 times subscription from institutional buyers, who put in bids totalling more than Rs 2,700 crore,” reported the Economic Times.

04 November 2016
Capital Markets

"ECL Finance, a part of the Edelweiss group, has raised Rs 502 crore by selling masala or rupee-denominated bonds to overseas investors in its debut issuance of such securities. Sun Global Investments, London and Emirates NBD Bank, Dubai are the global coordinators and joint lead managers on the transaction,” reported the Economic Times.

03 November 2016
Corporate M&A

“Wind turbine maker Suzlon Energy on Wednesday said it will sell a 49 per cent stake in its 50 megawatt (MW) solar project in Telangana to wind energy company Ostro Energy, months after selling a project to CLP India,” reported Mint.

28 October 2016
Corporate M&A

HLE Engineers made an offer to buy a majority stake in Swiss Glascoat Equipments for $9.4m. Vivro Financial Services is the manager to the open offer, according to the Bombay Stock Exchange announcement.

27 October 2016
Litigation

“Internet giants YouTube and Google are in a bind. The Madras high court has directed them to disclose details of a user (Marupakkam Seithigal) who posted a video that a private company (Lebara Foundation) termed defamatory,” reported the Times of India.

26 October 2016
Private equity / VC

"Motilal Oswal Private Equity (MOPE) managed India Business Excellence Fund – II and India Business Excellence Fund – IIA have agreed to invest Rs 100 crore to buy a minority stake in Kolkata based Ganesh Grains. The Kolkata based unlisted firm is engaged in the business of manufacturing and selling of branded food staple,” reported the Economic Times.

25 October 2016
Litigation

Tata Sons’ former chairman Cyrus Mistry, who was unexpectedly fired from the organisation on Monday, has reportedly decided to approach the Bombay high court challenging his dismissal, although we understand that no case has been filed yet.

24 October 2016
Private equity / VC

"Emerald Media, a Pan-Asian platform established by leading global investment firm KKR for investing in the media and entertainment sector, acquired a significant minority stake in YuppTV for $50m. YuppTV is one of the world’s leading over-the-top (OTT) video platforms for South Asian content offering live TV, catch-up TV and movies on-demand in 14 languages across the globe,” reported Business Wire.

20 October 2016
Corporate M&A

"Online travel firm MakeMyTrip Ltd has agreed to buy Ibibo Group’s travel business in India in an all-stock deal, creating the country’s largest online travel firm which, according to a note by Morgan Stanley, is worth $1.8 billion. The deal value wasn’t announced, but the $1.8 billion valuation and the fact that Ibibo’s owners, Naspers and Tencent, end up with a 40% stake in the merged entity, translate into a transaction worth $720 million. Naspers owns a third of Tencent, its most valuable investment.” reported Mint.

19 October 2016
Corporate M&A

"Fortis Healthcare has completed the acquisition of 51 per cent stake in Fortis Hospotel Ltd and also acquired compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre,” reported the Economic Times.

15 October 2016
Corporate M&A

"The acquisition is the biggest foreign acquisition ever in India and Russia’s largest outbound deal. Billionaire brothers Shashi and Ravi Ruia have agreed to sell 98 per cent of Essar Group flagship firm Essar Oil to Russian oil major Rosneft and a consortium of oil trading firm Trafigura with private investment group United Capital Partners for $13 billion, making it the largest foreign direct investment in India.” reported The Hindu and others.

14 October 2016
Private equity / VC

VC firm DSG Consumer Partners has made a partial exit in food processing industry company Veeba Fine Foods (founded in 1983, making sauces, dips, emulsions and dessert toppings) to Brussels-headquartered Verlinvest Asia, which was created by several families of the Anheuser-Busch InBev empire to make investments in the food and beverage space.

10 October 2016
Corporate M&A

"In an attempt to boost capacity and expand its footprint into new markets, Orient Cement Ltd has struck a two-pronged deal with Jaypee Group to purchase a pair of cement businesses at an enterprise value of Rs1,950 crore,” reported Mint.

06 October 2016
Capital Markets

Squire Patton Boggs and Luthra & Luthra advised Manpasand Beverages on its approximately $80m qualified institutions placement.

04 October 2016
Corporate M&A

PDS Legal advised Tata Capital Healthcare Fund on selling its shares in Sandor Nephro Services, which was advised by Fox Mandal, to Fresenius Medical Care which was advised by Samvad Partners.

03 October 2016
Capital Markets

Cyril Amarchand Mangaldas (CAM) advised ICICI Prudential Life Insurance and ICICI Bank on Rs 60,568 million initial public offer. S&R Associates and Davis Polk & Wardwell advised the lead managers to the issue: DSP Merrill Lynch, ICICI Securities, CLSA India, Deutsche Equities India, Edelweiss Financial Services, HSBC Securities and Capital Markets (India), IIFL, JM Financial Institutional Securities, SBI Capital Markets and UBS Securities India.

30 September 2016
Private equity / VC

Legasis Partners advised deals and discounts website Nearbuy in raising Rs 15 crore ($2.25m) from non-banking financial company Blacksoil which was advised by IndusLaw.

29 September 2016
Litigation

PDS Legal won relief from entry tax, for e-commerce major Flipkart’s logistics arm Instakart, in the Patna high court.

28 September 2016
Private equity / VC

"Third-party administrator Vidal Healthcare Services Pvt. Ltd Monday said Ambit Pragma Ventures Pvt. Ltd, the private equity arm of Ambit Holdings Pvt. Ltd, has invested about $10 million in the firm to buy a significant minority stake,” reported Mint.

23 September 2016
Corporate M&A

Universal Legal advised Carlyle-backed Newgen KnowledgeWorks on acquiring a majority stake in Pune-based digital learning and software company Exult Infosolutions which was advised by LegaLogic Consulting.

20 September 2016
Corporate M&A

"PayU Global, the digital payments provider owned by South Africa’s Naspers Group, will buy rival Citrus Pay for $130 million in an all-cash deal. PayU India will have more than 30 million customers post the acquisition of Citrus Pay. The company forecast it will process an estimated 150 million transactions, worth $4.2 billion, in 2016. The deal, once concluded, is expected to provide an attractive exit to Citrus Pay’s investors—Ascent Capital, Beenos and Sequoia Capital. PayU confirmed that the early investors will exit but declined to disclose details,” reported Mint.

16 September 2016
Corporate M&A

"German drugs and crop chemicals company Bayer AG has won over US seeds firm Monsanto Co. with an improved takeover offer of around $66 billion, ending months of wrangling after increasing its bid for a third time. The $128 a share deal, up from Bayer’s previous offer of $127.50 a share, is the biggest of the year so far and the largest cash bid on record. The deal will create a company commanding more than a quarter of the combined world market for seeds and pesticides in the fast-consolidating farm supplies industry,” reported Mint.

15 September 2016
Corporate M&A

"Anil Ambani-controlled Reliance Communications Ltd (R-Com) has signed a definitive agreement to merge its wireless business with smaller rival Aircel Ltd to create India’s third largest telecom operator by users,” reported Mint.

09 September 2016
Corporate M&A

India-based language service provider Mayflower Language Services has entered into a joint venture with Polish language services provider Summa Linguae, which will see both companies take 25% minority stakes in each other. to “generate cost and revenue synergies” and “expand their existing range of services in new language pairs” to “cater to clients with more complex needs and higher expectations”, according to a company press release.

02 September 2016
Finance

"Piramal Fund Management Pvt. Ltd will invest Rs 2,320 crore in Lodha Developers Pvt. Ltd’s signature World Towers project in central Mumbai, it what is probably the single largest debt financing deal in Indian real estate. A part of this money will be used to repay debt and the remaining will be used to complete construction of the project."

01 September 2016
Corporate M&A

"In what could be termed as the biggest news in the gaming industry this year, Delta Corp Ltd., India’s largest gaming and hospitality company announced its foray into the online gaming space in a regulatory filing to the stock exchanges. In its note to the stock exchanges and shareholders, Delta Corp informed its intention to acquire 26% shares in Gauss Networks Pvt. Ltd., the holding company which owns and operates Adda52.com and is saide to be the market leader in the online poker space in India,” reported gaming industry law blog GLaws.

31 August 2016
Corporate M&A

"Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday announced the sale of its sports network TEN Sports to Sony Pictures Network (SPN) in an all cash deal for $385 million,” reported Mint.

25 August 2016
Corporate M&A

"Courier service provider Pigeon Express Pvt. Ltd is in advanced talks to acquire e-commerce focused logistics service provider GoJavas (Quickdel Logistics Pvt. Ltd), which suspended operations last week amid an organisational overhaul, in a cash and stock deal, said two people aware of the development,” reported Mint and others earlier this month.

18 August 2016
Private equity / VC

"India has a new tech unicorn. Hike, a four-year-old messaging app, today announced that it has closed $175 million in funding led by new investors Chinese internet giant Tencent and manufacturing firm Foxconn. The Series D round values the company at $1.4 billion, founder and CEO Kavin Bharti Mittal confirmed to TechCrunch,” reported Techcrunch.

12 August 2016
Litigation

The Supreme Court today lifted a ban on registering diesel cars, SUVs and other vehicles with an engine capacity of 2,000 cc and more in the National Capital Region after depositing one per cent of the ex-showroom price as environment compensation charge (ECC) with the Central Pollution Control Board (CPCB).

12 August 2016
Corporate M&A

Japanese healthcare media giant M3 has acquired a stake in Health Impetus Private Limited - which offers disease management services - from its existing shareholder, Health Care at Home India Private Limited, and by subscribing to equity shares in the target for an undisclosed amount.

11 August 2016
Corporate M&A

"Tata Chemicals Ltd has agreed to sell its urea plant in Babrala, Uttar Pradesh, to the Indian unit of Norway-based Yara International ASA for Rs 2,670 crore, as it seeks to position itself as a maker of consumer products rather than fertilizers,” reported Mint and others.

10 August 2016
Corporate M&A

"Credit rating firm ICRA Ltd said on Friday it has struck a deal to sell its software development arm, ICRA Techno Analytics Ltd, to IT firm Nihilent Technologies Ltd for Rs 68.75 crore ($10.3 million),” reported VCCircle.

09 August 2016
Corporate M&A

Aditya Birla cement competition mandate goes to AZBAZB & Partners recent lateral partner Nisha Kaur Uberoi has on 8 August obtained phase 1 merger clearance from the Competition Commission of India (CCI) for Ultratech Cement’s Rs 16,189 crore ($2.4bn) acquisition of the cement assets of the Jaypee Group.

08 August 2016
Corporate M&A

CX Partners (a PE firm focused on the Indian mid-market) and Capital Square Partners sold for $420m its stake in Minacs to Concentrix Global Holdings Inc., a subsidiary of Synnex Corporation, as reported by the Economic Times as one of the largest in the business process outsourcing (BPO) sector, and Concentrix’ second largest deal.

01 August 2016
Private equity / VC

"P C Jeweller will raise up to Rs 257 crore through issue of preferential shares to US-based investment firm Fidelity for business expansion,” reported the Economic Times.

29 July 2016
Corporate M&A

"Shanghai Fosun Pharmaceutical (Group) Co. Ltd, the Hong Kong-listed company controlled by billionaire Guo Guangchang, will acquire India’s Gland Pharma Ltd for $1.3 billion (Rs 8,700 crore), the company announced on Thursday. According to the agreement, Fosun will acquire an approximate 86% stake in Gland, including the 36% stake held by existing private equity firm KKR & Co,” reported Mint.

28 July 2016
Corporate M&A

“State Bank of India (SBI) has kick-started the formal process of merging associate banks and Bharatiya Mahila Bank, which would create a banking entity with total assets worth about Rs 29 lakh crore. The bank has appointed merchant bankers, valuation consultants and law firms to complete the process,” reported The Economic Times.

26 July 2016
Corporate M&A

"Flipkart Ltd has acquired Jabong through its unit Myntra in a cut-price deal that values the online fashion store at $70 million, moving to preserve its position as India’s No.1 e-commerce marketplace in the face of an onslaught by Amazon India,” reported Mint.

22 July 2016
Corporate M&A

"With non performing assets-saddled banks trying to raise money from sale of non-core assets, global credit information company TransUnion has raised its stake in its Indian subsidiary Cibil to 77.1% by buying out ICICI Bank and Bank of Baroda’s holding in it.” reported Mint.

21 July 2016
Corporate M&A

“Sajjan Jindal-controlled JSW Energy has agreed to acquire a 500 MW thermal power plant located in Madhya Pradesh from Jaiprakash Power Ventures for an enterprise value of ₹2,700 crore in an all-cash deal.” (Hindu Businessline)