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Trilegal, S&R do legal logistics for $33m VRL stake by New Silk Route

Trilegal’s Mumbai office advised Karnataka-based logistics and transport company VRL Logistics in a Rs 175 crore ($33.2m) acquisition of its equity and compulsory convertible preference shares, by South-east Asia focused private equity (PE) firm New Silk Route (NSR), which was advised by S&R Associates.

Trilegal’s international capital markets group headed by partner Srinivas Parthasarathy, and associates Zara Kaushik and Silpa Nair acted for VRL Logistics which in December 2010 had filed its draft red herring prospectus with the Securities and Exchange Board of India, intending to sell 23.5 million shares.

S&R Associates partner Sandip Bhagat, with associates Bhakta Patnaik, Vivek Kumar and S Vivek acted for the $1.4bn NSR PE fund in this second recent investment. The fund focuses on consumer and infrastructure sectors, according to The Hindu Businessline, and invests in companies where it can purchase controlling stakes.

The Confederation of Indian Industry vouches for 8 per cent compound annual growth rate over the next 3-5 years for the logistics and transportation sector which accounts for 12-13 per cent of India’s gross domestic product, according to Mint.

PE investments in the Indian logistics sector rose by 70.5 per cent between 2010 and 2011. as PE was a more attractive option than the riskier capital markets in an economic slowdown.

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