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The latest deals involving Indian companies and law firms.

16 April 2015
Private equity / VC

IndusLaw advised India’s largest taxi aggregator Ola Cabs, backed by Japan’s Softbank Corp, in raising $314m (Rs 1,952 crore) from Russian Yuri Milner’s DST Global which was advised by AZB & Partners and Goodwin Procter.

Indus Delhi partner Gaurav Dani, senior associate Divya Varghese and associate Nitin Gera acted for Ola. AZB Mumbai partner Darshika Kothari and Goodwin partner Yash Rana acted for DST

Gunderson Dettemer partner Steven L Baglio and lawyer Melissa B Marks acted for new investor Internet Fund. Morrison Foerster of counsel James T McCormick and associate Noah Carr acted for SoftBank Internet and Media (SIMI).

In November 2014, Olacabs had raised $210m from SIMI and its existing investors including Tiger Global, Matrix Partners India and Steadview Capital.

16 April 2015
Private equity / VC

Economic Laws Practice (ELP) advised alternate asset management firm Tano Capital on investing Rs 60 crore in India’s second NBFC microfinance institution Arohan which was advised by A&M Law Offices.

ELP partner Suhail Naithani, associate partner Vinayak Burman, senior associate Archana Khosla and associate Amoolya Narayan acted for Tano. A&M partner Viral Mehta and associate P Goel acted for Arohan.

Investors and stakeholders are increasingly becoming enthusiastic about microfinance institutions, reported the Business Standard.

13 April 2015
Private equity / VC

Induslaw advised internet and mobile-based classifieds company Quikr Mauritius Holding in raising $150m (over Rs 900 crore) from existing investors Tiger Global, eBay and Sweden’s Kinnevik, and new investor Steadview Capital Management, LTR and ABG Capital, which were advised by Morgan Lewis and Gunderson Dettmer.

Indus partner Gaurav Dani, senior associate Dviya Varghese and associate Nikita Goyal acted for Quickr.

Morgan Lewis Boston partner William Perkins and associate Cindy C Kung advised eBay. Gunderson Beijing partner Christopher D Terry and lawyer Mao Chen acted for Tiger Global affiliate IFPL

The venture competes with Naspers-backed OLX in the P2P classifieds business in India, reported VCCircle.

13 April 2015
Corporate M&A

M&A League TablesIn what will possibly have been its last quarter of existing as a single firm, Amarchand Mangaldas again acted on the most valuable M&A deals though AZB & Partners emerged as the firm with the largest number of recorded transactions.

10 April 2015
Finance

Nishith Desai Associates advised Caspian Impact Investments (CII) on its $20m debt financing from the US government’s development finance institution Overseas Private Investment Corporation (OPIC), which was advised by Trilegal.

NDA Mumbai partner Nishchal Joshipura and associates Sahil Shah and Nikhil Joseph, with Caspian director Shilpa Sudhakar and in house lawyer Mayank Mishra acted for Caspian.

Trilegal Mumbai partner Ameya Khandge and Sidhharth Saxena acted for OPIC The two-year-old CII supports small business lending, microfinance, food & agriculture and affordable housing business in India, according to Business Insider.

17 March 2015
Corporate M&A

The firm of former AZB & Partners CEO Abhijit Joshi, Veritas Legal, has advised German specialty chemicals company Evonik on its acquisition of Mumbai-based catalyst supplier Monarch Catalyst, which was advised by J Sagar Associates (JSA) partner Sandeep Mehta.

The value of the purchase of the family owned company founded in 1973 was not disclosed. It is expected to close in the first half of 2015, reported Mint.

07 March 2015
Corporate M&A

wcug12jeJ Sagar Associates (JSA) advised Reliance Infra on its Rs 819 crore ($130m) acquisition of 18 per cent stake in Pipavav Defence and Offshore Engineering which was advised by K Law and Crawford Bayley.

02 March 2015
Corporate M&A

Induslaw represented Olacabs, which must fast be turning into one of its most high-profile and valuable clients, in a $200m takeover of TaxiForSure.

16 February 2015
Corporate M&A

M&AAmarchand maintained its standing as India’s clear M&A leader topping the annual chart for the third year in a row.

29 January 2015
Corporate M&A

Tweet Bharucha & Partners advised social media giant Twitter on its first acquisition in India, in its $30m buy of missed-call marketing platform ZipDial Mobile Solutions, which was advised by AZB & Partners.

21 January 2015
Corporate M&A

Amarchand Mangaldas and K&L Gates advised US-based Par Pharmaceuticals and its wholly-owned Indian subsidiary Par Formulations on its acquisition of Chennai-based Ethics Biolabs, which was advised by HSB Partners.

Amarchand Delhi partners Amit Kumar and Arvind Sharma, principal associate designate Janani Sekhar and senior associate Ananda Malhotra acted for Par Pharmaceuticals.

HSB partners TK Bhaskar and Varun Sriram with associate Anantha Krishnan Iyer acted for Ethics Biolabs and its selling promoters. Ethics conducts “bioavailability, bioequivalence, pharmacokinetic and clinical end point studies for pharmaceutical and biotechnology companies”, started an Amarchand press release. The value of the deal, which closed on 14 January, was confidential.

11 December 2014
Projects

Desai & Diwanji and Luthra & Luthra acted on the sale of Jaipur Mahua Tollway, a four-laning project conessionnaire of the Jaipur-Mahua section of National Highway 11, for Rs 525 crore to ISQ Asia Infrastructure I, an affiliate of US-based fund I Squared Capital.

Desai & Diwanji Mumbai partner Ketaki Gor Mehta, assisted by associates Niharika Mepani and Rahul Deodhar, acted for the IJM group.

Luthra & Luthra partners Sameen Vyas, Manmeet Singh and Suyash Srivastava, assisted by senior associate Viplav Sharma and associates Anubha Sital and Shantanu Gupta, acted for ISQ

Only 74 per cent of equity shares will be sold now, with the remaining 26 per cent being sold after approval from the National Highways Authority of India (NHAI) through put and call options.

10 December 2014
Real estate

J Sagar Associates (JSA) acted for Piramal Enterprises which invested Rs 65 crores in the development of a residential-cum-commercial project of around 630,000 square feet on Bangalore’s Sarjapur Road, Bangalore by Krishna E Campus, which was advised by Wadia Ghandy.

JSA Bangalore partners Vivek Chandy, Raj Ramachandran and Malini Raju, with senior associate Asok Chacko Thomas and associate Lalu John Philip assisted Piramal.

Krishna E Campus, which is an affiliate of KMB Estates, was advised by Wadia Ghandy Bangalore partner Ankit Majmudar, who is due to join Platinum Partners early next year.

The deal involved advice on title, investment and due diligence. Chandy commented: “The transaction was quite interesting as the same involved corporate restructuring of KECPL and exit of one of the promoters at the same time as the investment was being made.”

09 December 2014
Corporate M&A

Rajani Singhania & Partners acted for online financial services marketplace Apna Paisa Marketing and Services and its promoters in its merger with Trilegal-advised Casa Capital Management, which is a financial services holding company.

Rajani Singhania Mumbai partner Preeti Balwani, with senior associate Swati Rout and associate Varun Shah acted for Apna Paisa, while Trilegal Mumbai partner Ashwyn Misra and associate Saswat Subasit acted for Casa Capital.

Casa will take a stake in Apna Paisa, while the Apna Paisa promoters will take compulsorily convertible preference shares of the equity share capital of the merged Apna and Casa entity, which is expected to complete within the next 18 months.

05 December 2014
Corporate M&A

DSK Legal advised Kancor Ingredients in selling a majority stake to French company Mane SA, Switzerland which was advised by Crawford Bayley.

DSK managing partner Anand Desai with partner Ajay Shaw and senior associates Pragya Dhamija and Aditee Mohta acted for Kancor.

Crawford partner Sanjay Asher acted for Mane, which is an associate of V Mane Fils in France. Asher was assisted by principal associate Bhumika Batra and associates Sachita Shetty and Sanskriti Relekar.

The domestic food and beverages supplier Kancor entered into a joint venture with V Mane to develop export products, reported the Business Standard.

03 December 2014
Corporate M&A

Khaitan & Co advised BMM Cements and its promoters on their Rs 560 crore ($90m) buy of Sagar Cements, which was advised by Tatva Legal.

Khaitan Bangalore partner Ganesh Prasad acted for BMM Cements. Tatva Hyderabad partners Shailendra Komatreddy and Rajeev Reddy acted for Sagar Cements.

The deal was approved by Hyderabad-based Sagar’s board of directors In September.

01 December 2014
Corporate M&A

Desai & Diwanji acted for Hyderabad Chemicals and its shareholders in its Rs 450 crore sale of 74 per cent stake to Japanese listed company Nihon Nohyaku which was advised by J Sagar Associates (JSA).

D&D Mumbai partner Vihang Virkar and senior associate Ayesha Rai acted for Hyderabad Chemicals. Virkar said in an email: “The promoters of Hyderabad Chemicals are new clients of the firm and we look forward developing our association with them.”

JSA partner Vikram Ragani with Anand Lakra, Bir Bahadur Singh and Suren Sundaram acted for Nihon Nohyaku, with Japanese law firm Mori Hamada Masumoto.

The Rs 10,000-crore agrochemical industry in India is one of Asia’s largest markets and is expected to attract many more multinational companies for inbound M&A, reported the Economic Times.

28 November 2014
Private equity / VC

J Sagar Associates (JSA) and AZB & Partners advised the promoters of Curatio Health Care on the Rs 95 crore sale of 33.36 per cent of its stake to Sequoia, which was advised by Khaitan & Co and Themis Law Associates.

JSA Chennai partner Aarthi Sivanandh, senior associate Tamara Devanandan and associates Revathi Muralidharan, Sahana Raghunathan and Bharath Sridhar and AZB Mumbai partner Essaji Vahanvati and associate Manan Mehta acted for the promoters.

Khaitan Bangalore partner Ganesh Prasad and associates Vineet Shingal and Mukund Thirumalai Srikanth together Themis senior associate Ashwani Verma and Dheeraj Khanna and associate Hardik Bhatia acted for Sequoia.

Sequoia has made 12 healthcare investments in India, including this deal, spread across verticals such as diagnostic services, healthcare IT, patient services, pharmaceuticals, and product development services, reported the Times of India.

27 November 2014
Private equity / VC

All that glitters does not bill (but it helps)Amarchand Mangaldas together with Al Tamimi advised Warburg Pincus, which invested around Rs 1,200 crore for a 10 per cent stake in Kalyan Jewellers, advised by AZB & Partners.

26 November 2014
Capital Markets

Luthra & Luthra and Clifford Chance advised CLSA India, Citigroup Global Markets India, Credit Suisse Securities (India), ICICI Securities, Kotak Mahindra Capital Company and IDFC Securities as joint book running lead managers on CESC’s $80m qualified institutional placement (QIP) of 7.6m shares, which was reported Mint and others. CESC was advised by Khaitan & Co.

Luthra Mumbai capital markets partner Manan Lahoty and Clifford Chance Singapore partner Rahul Guptan acted for the lead managers on the Rule 144A/Regulation S QIP of 7,621,118 equity shares at a price of Rs 644 per equity share.

Khaitan Mumbai executive director Sudheer Bassi and partner Nikhilesh Panchal acted for the power utility.

25 November 2014
Private equity / VC

Olacabs: Another Indus start-up client starting to pay for itself?Induslaw advised online and app-based taxi booking service Olacabs in raising Rs 1281 crore ($210m) from SoftBank, which was advised by AZB & Partners and Morrison Foerster.

20 November 2014
Projects

Vaish Associates advised Jaiprakash Power Ventures (JPVL) in selling its BASPA Hydro Electric Project and its Karcham Wangtoo project to JSW Energy for Rs 9,700 crore.

JSW Energy was advised by Amarchand Mangaldas Mumbai partners L Viswanathan, Tushar Mavani and Ramanuj Kumar and senior associates Prateek Shroff and Abhimanyu Ghosh.

Vaish partner Bomi Daruwala, senior associates Yatin Narang and Shrinivas Sankaran and associates Tanya Sharma and Priyesh Sharma acted for JPVL.

The board of directors of JPVL approved the transfer of the 1391 MW projects into its subsidiary HBPC as a going concern through a scheme of arrangement which would would enable HBPC to be acquired by JSW Energy, reported The Hindu.

07 November 2014
Finance

Linklaters and Talwar Thakore Associates (TTA) advised the lending and underwriting banks on Tata Steel UK Holdings, which took a term loan and revolving credit facilities of $3.05bn to refinance its bank debt.

Linklaters London partner Narayan Iyer, who had rejoined Linklaters a year ago from TTA, and Singapore partner Philip Badge, and capital markets partner Kevin Wong and TTA partner Rahul Gulati acted for the banks.

JSA and Slaughter & May advised Tata.

The new financing structure consists of a five-year loan of a €370 million, a six-year revolving credit facility for working capital of £700 million and a seven-year loan of €1.8 billion, with more favourable terms and pricing relative to the earlier debt, reported Mint.

04 November 2014
Corporate M&A

Tatva Legal advised US-based technology company Brillio's subsidiary Brillio Technology in buying data analytics start up Ashley Marketelligent, which was advised by Samvad Partners. 

Tatva partners NK Dilip and Raghunath Anathapur and senior associate Rashmi Talukdar acted for Brillio. Samvad partner Neela Badami acted for Ashley. 

The deal is the latest in a list of recent M&As by technology companies in India, with Facebook buying Little Eye Labs and Yahoo snapping up Bookpad this year, reported the Economic Times.

28 October 2014
Private equity / VC

SnapdeaIndusLaw advised Snapdeal again on its largest round of investment to date with 12 other law firm teams.

22 October 2014
Corporate M&A

J Sagar Associates (JSA) advised German shipping and logistics provider Dachser in acquiring 50 per cent shares of Dachser India from its local joint venture partner the AFL Group which was advised by AZB & Partners.

JSA Bombay M&A partner Sandeep Mehta, senior associate Arup Pereira and associates Punita Gupta and Adil Ladha acted for Dachser. AZB Mumbai partner Abhijit Joshi, senior associate Anand Shah and associate Navroz Vakil acted for the AFL Group.

This deal was part of a larger transaction by which Dascher acquired AFL's stake in a separate JV in Thailand and majority stake in another venture in Bangladesh, according to VC Circle.

20 October 2014
Corporate M&A

Amarchand Mangaldas together with Japanese firm Anderson Mori & Tomotsune advised Sumitomo Corporation Japan, with Amarchand also advising SMAS Auto Leasing India on acquiring the auto leasing business of New Delhi-based Carzonrent, which was advised by Kochhar & Co. The acquisition was for Rs 200 crore, as reported by the Times of India.

Amarchand Delhi partner Puja Sondhi, principal associate Ramanuj Gopalan, senior associate Sushrut Biswal and associate Vasudha Sharma acted for Sumitomo and SMAS. Kochhar Delhi partner Niti Paul, senior associate Maureen Z Ralte and associate Akshit Kapoor acted for Carzonrent. [Correction: The first published story had the wrong first name for Kapoor. The error is regretted.]

SMAS, a Japanese automobile joint venture, enters the Indian market through this deal, reported Mint.