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Amarchand, Khaitan & Co on Welspun-Apollo: year’s second largest PE deal

Khaitan & Co has advised the Welspun Group, which has attracted up to $494m (Rs 2,250 crore) of private equity (PE) money from Apollo Global Management advised by Amarchand Mangaldas.

Khaitan & Co Mumbai partners Haigreve Khaitan and Anand Mehta acted for BP Goenka-promoted Welspun in a deal that is the second-largest PE deal this year according to VCCircle.

Apollo, which will invest Rs 1,305 crore in Welspun Corp, Rs 270 crore in Welspun Maxsteel and potentially another Rs 675 crore into Welspun Infratech, was represented by Amarchand Delhi partner Gunjan Shah.

Khaitan & Co noted in a statement: “The transaction is particularly significant given its large size in a time when the sentiment amongst the private equity investors for investing in India is relatively low given the internal issues like inflation and corruption surrounding the Indian economy.”

The largest PE deal this year, according to VCCircle, was the $851m Hero Honda exit by the Government of Singapore Investment Corporation and Bain Capital in March, on which AZB & Partners, Desai & Diwanji, J Sagar Associates (JSA) and Khaitan & Co advised from India.

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