Alliance LLC

Exclusive: Lexygen advised India-focused private equity (PE) fund Zephyr Peacock India and Singapore-based PE fund Credence Partners in their Rs 90 crore ($17m) joint investment in Singapore-based logistics company 20Cube. 20Cube was advised by Singapore law firm Alliance LLC. 

Lexygen partner Prashant Kataria with associates Amit Vyas, Vishnu Chandran and Aayushi Sharma acted for Zephyr and Credence on Indian law, as well as on leading the global due diligence assisted by Singapore law firm LawAsia senior associate Vincent Bu and Australian law firm Holding Redlich partner Darren Pereira.

The documentation was headed by Singapore law firm Kelvin Chia Partnership partner Andrew Lai.

Alliance LLC director Stanley Gan acted for the Chennai-headquartered international transportation and contract logistics provider 20Cube which has a presence in India, Sri Lanka, Bangladesh, Malaysia, Singapore, China, Australia, UAE and Uganda.

Zephyr and Credence will pick up a minority stake in 20Cube, and Mint reported that this 12th investment by Zephyr into India, was its first ever in the logistics sector.

This deal marks this year’s second investment in a logistics company, according to the Economic Times, which yesterday reported that India’s logistics market is estimated at over $100bn with a growth rate of 20 per cent. According to ET, General Atlantic’s $104m investment in Fourcee Infrastructure in January 2012, was one of the largest PE investment in two years.