Amarchand Mangaldas advised the world’s largest dairy player Groupe Lactalis in buying Hyderabad-based Tirumala Milk Products for Rs 1,750 crore ($275m), as reported by The Hindu.
Private equity major Carlyle Group sold its entire stake and was advised by J Sagar Associates (JSA).
Amarchand Mumbai corporate partner Gurpreet Ashar acted for the French dairy group on what VCCircle reported was the largest ever dairy industry transaction in India.
JSA Mumbai partner Kaushik Mukherjee acted for Carlyle which, according to Firstpost, had held a 20 per cent stake in Tirumala.
The deal will help Lactalis reduce its reliance on Europe, which provides 60 per cent of its revenues, reported Mint. Foreign companies announced $15.6 billion of acquisitions in India last year, up from $11 billion in 2012, according to data compiled by Bloomberg, as reported by Mint.
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I have seen them updating more deals then any other website.
But since you asked, I just looked on the legalera.in website to double check and, confirming what I remembered, every deal report basically is about one law firm doing a deal (most of which, I seem to remember, we have received press releases about).
Out of the 10 or so deals on the frontpage, about half exclusively mentioned AZB and at least 3 mentioned only Khaitan & Co.
Now, my saying "copy-paste" earlier might have been tongue-in-cheek hyperbole, as the press releases do seem to have been rewritten a little bit judging by the currently published copy, but in spirit it still holds.
And while I don't know definitely whether these are paid-for listings, this kind of one-sided editorial at best certainly isn't something we hope to emulate in our deal reports on Legally India, despite it potentially offering us a greater quantity of stories.
Which law firm acted on behalf of Tirumala Milk?
So JSA Mumbai worked for both the buyer and the seller?
And by the way, understand this - in a buyout of an unlisted company, there is typically no counsel for the target company. In this deal, it seems like JSA has acted for all the sellers.
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