AZB & Partners has advised Hyperion Materials & Technologies on its acquisition of Electronica Tungsten from Electronica Group. Partners Nandish Vyas and Anshuman Bharadwaj led the firm’s team in the transaction, which was completed on April 6, 2026.
AZB & Partners has also advised MUFG Bank on its Rs396 billion (US$4.1b) acquisition of stake in Shriram Finance. Partner Bharat Budholia led the firm’s team in the transaction, which was approved by the CCI on March 25, 2026.
Moreover, AZB & Partners is advising Rubicon Research on its acquisition of significant stake in Arinna Lifesciences from Motilal Oswal Private Equity Advisors. Rubicon has agreed to purchase from the sellers 85 percent of Arinna’s share capital, thereby providing an exit to Arinna investors, which includes Motilal Oswal Alternates. Mr Vivek Seth, promoter of Arinna, will continue to hold 15 percent shareholding in the company. Partners Anand Shah and Shriram Shah are leading the firm’s team in the transaction, which was signed on April 15, 2026 and is yet to be completed.
Carey Olsen has advised Kraken’s parent company Payward on its US$600 million acquisition of Hong Kong-based stablecoin payments firm Reap Technologies. The cash-and-stock transaction values Payward at US$20 billion, and marks the expansion of Kraken’s stablecoin and payments infrastructure business into Asia-Pacific, which has become one of the fastest-growing regions for crypto adoption and stablecoin activity. Reap provides cross-border business payments infrastructure that links traditional finance with digital assets, providing stablecoin-native infrastructure for cross-border payments, corporate card issuance, and business management. Partners Chris Duncan, Trevor McCabe and Richard Munden led the firm’s BVI and Cayman team in the transaction.
Davis Polk has advised METiS TechBio on its IPO and Rule 144A and Regulation S listing in Hong Kong. The gross proceeds from the offering amounted to approximately HK$2.43 billion (US$310m), assuming the over-allotment option will be exercised in full. METiS TechBio is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms, with the commitment to unlocking a healthier world through AI-driven nanotechnology. Founded by a team of MIT-trained scientists with deep expertise in AI, quantum mechanics, nanomaterials and advanced drug delivery, the company has developed three proprietary platform technologies: AiLNP (AI Nano Delivery System Design Platform), AiRNA (AI mRNA Sequence Design Platform), and AiTEM (AI Small Molecule Formulation Design Platform). Partners Li He, Jason Xu and Xuelin (Steve) Wang led the firm’s multi-jurisdictional team in the transaction.
JSA Advocates & Solicitors has successfully represented Ganeko One Energy and Ganeko Two Energy, SPVs owned by Resolven (formerly Zelestra India), before the Central Electricity Regulatory Commission (CERC) on revocation of connectivity. By its final Order dated May 4, 2026, the CERC allowed the petition filed by Ganeko One and Ganeko Two, and set aside the revocation notices issued by the Central Transmission Utility of India (CTUI) seeking revocation of the 300 MW connectivity granted to each of Ganeko One and Ganeko Two at Mandsaur PS and Solapur PS, respectively. In its order, the CERC set aside the revocation notices issued by CTUI against Ganeko One and Ganeko Two with respect to the connectivity granted to them under the CERC Regulations 2022; allowed Ganeko One and Ganeko Two to retain their respective connectivity, subject to payment of penalties stipulated in the Order; exercised its “Power to Relax” and “Power to Remove Difficulty”, taking into account the significant investments and substantial progress achieved by Ganeko One and Ganeko Two towards implementation of their respective projects; and took note of CTUI’s findings that the actions of Ganeko One and Ganeko Two did not constitute any ‘fraud’ or ‘transgression’ under the applicable CTU Procedure for Inquiry. Partners Amit Kapur and Akshat Jain led the firm’s team in the matter.
JSA Advocates & Solicitors has also represented LICHFL Asset Management on its subscription to unlisted, secured, senior, redeemable non-convertible debentures aggregating up to Rs1.3 billion (US$13.4m) issued by Lifestyle Housing, a company in the Lifestyle Developers group, for funding their real estate project in Chennai. Partners Vinod Kumar, Varun Sriram and Srinivasan MD led the firm’s team in the transaction.
Moreover, JSA Advocates & Solicitors has advised Manipal Health Enterprises on the acquisition of additional land, bringing the total landholding to 11,342.77 sq mtrs, and hospital building, bringing the total hospital area acquired to 43,200 sq mtrs, for a deal value of Rs4.95 billion (US$51m). The property was acquired from Khubchandani Hospitals, Khubchandani Properties and Investments, and Perfect Realty. Partner Farid Karachiwala led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Singapore-listed Hong Leong Asia on its acquisition of 100 percent of the issued share capital of architectural building products supplier Yong Tai Loong. M&A partner Cynthia Goh, supported by partners Kala Anandarajah (competition & antitrust and trade), Jonathan Cham (employment), Glen Chiang (technology, media & telecommunications) and Shaun Ng (corporate real estate), led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Brookfield India Real Estate Trust and its SPV, Arliga Ecoworld Business Parks, on an approximately Rs11.25 billion (US$116.6m) investment by 360 One Private Equity Fund. The transaction was structured through a combination of equity and debt instruments, with 360 One subscribing to approximately 13.03 percent of the equity share capital of Arliga Ecoworld, and the balance being invested through subscription to non-convertible debentures. Arliga Ecoworld forms part of Brookfield India REIT’s commercial real estate portfolio. Partners Jay Gandhi and Natalee Nanda, supported by partners Nikhil Naredi, Harman Singh Sandhu, Yaman Verma and Nitika Dwivedi, led the firm’s multi-disciplinary team in the transaction, which represents a significant institutional investment in the Indian office assets sector.
Shardul Amarchand Mangaldas & Co has also acted as Indian counsel to Bagmane Prime Office REIT, its investment manager and the sponsor on the formation and consequent IPO aggregating to approximately Rs34.05 billion (US$31.6m). The offering comprised a fresh issue aggregating to approximately Rs23.9 billion (US$247.7m) and an offer for sale aggregating to approximately Rs10.15 billion (US$105m) by Blackstone entity BREP Asia III India Holding Co VIII. The IPO witnessed an aggregate overall demand of over 24 times, the highest demand in an REIT IPO, including institutional investor demand exceeding 25 times, and non-institutional investor demand exceeding 21 times. The units of Bagmane REIT were listed on the Indian stock exchanges on May 14, 2026. Partners Nikhil Naredi and Rohit Tiwari, supported by partner Arjun Perikal, led the firm’s team in the transaction.
Simpson Thacher has represented Sumitomo Pharma on its ¥113 billion (US$710m) global offering of approximately 51.3 million newly issued shares with the over-allotment option, including a Rule 144A international offering to institutional investors outside Japan, and Regulation S offering to institutional investors outside Japan and the United States. Sumitomo Pharma is an R&D-driven pharmaceutical company that discovers, develops, manufactures and commercializes prescription pharmaceuticals, including drugs and biologics, such as regenerative medicine/cell therapy programs that generates a material portion of its revenue in the United States and Japan. The international lead managers for the international offering were SMBC Bank International, Daiwa Capital Markets Europe, Nomura International and Mizuho International. Partners Taki Saito (Tokyo-capital markets) and Vanessa Burrows (Washington DC-regulatory) led the firm’s team in the transaction.
Trilegal has successfully represented Mr Kishore Biyani, Mr Rakesh Biyani and other key managerial personnel of Future Retail on proceedings before the SEBI pertaining to a SEBI-initiated forensic investigation on Future Retail’s books of accounts to ascertain possible market manipulation, as well as wrongful diversion / siphoning of its funds by promoters / directors / key managerial persons, leading to possible violations of the SEBI Regulations 2003 (PFUTP Regulations), SEBI Regulations 2015 (LODR Regulations). After examination of the evidence on record and the arguments made, SEBI held that there has been no material to demonstrate any fraudulent act committed by the Biyanis. The SEBI also observed that there has been no diversion of Future Retail funds. SEBI’s penalties were limited to disclosure violations, for which it imposed a monetary penalty of Rs2 million (US$20,740.00) each on the Biyanis and Rs1 million (US$10,370.00) on the key managerial personnel of the company, while observing that there was no element of fraud or active concealment, nor was there any wrongful gain made, or loss avoided, by any of the Future Retail personnel. Partner Shruti Rajan led the firm’s team in the matter.
Trilegal has also advised Allana Group on the strategic joint venture between its subsidiary, Indian Poultry Alliance (IPA), and Infifresh Foods (Captain Fresh) in the formation of Indian Retail Alliance (IRA), the joint venture entity. As part of the transaction, Captain Fresh’s domestic business was transferred to IRA to form an integrated platform for scaling organised fresh protein retail in India. The JV aims to build India’s first at-scale retail ecosystem in this segment by combining Allana Group’s expertise in chicken, ready-to-cook products and protein processing with Captain Fresh’s seafood supply chain capabilities and omni-channel technology stack, under its retail brand ‘ChopServe’. The platform will integrate supply-side depth with an entrepreneur-led distribution model, targeting a 4,000-store retail network across India within four years, offering a basket of animal protein products. This transaction also marks a significant step in Allana Group’s domestic expansion strategy, leveraging IPA’s fully integrated poultry operations to build a dominant position in India’s organised fresh protein retail market. Partners Kabeer Mathur and Komal Dani led the firm’s team in the transaction.
WongPartnership has acted for Lendlease Global Commercial Trust Management, as manager of Lendlease Global Commercial REIT (LREIT), and DBS Trustee, as trustee of LREIT, on the issuance of S$120 million (US$93.6m) Fixed Rate Subordinated Perpetual Securities, under LREIT’s S$1 billion (US$780m) Multicurrency Debt Issuance Programme. Partner Alvin Chua led the firm’s team in the transaction.
WongPartnership has also acted for Promera on its acquisition of Data Clean Asia, a leading technical data center services provider in Singapore. This transaction marks Promera’s entry into the Asia-Pacific region, and establishes the company’s first operations outside North America, supporting its broader global expansion strategy focused on scaling services for global data center operators. Promera is a portfolio company of Angeles Equity Partners, a Los Angeles-based private investment firm focused on manufacturing, industrial services and specialty distribution businesses. The deal underscores Promera’s strategy to build a global data center services platform by adding DCA’s capabilities in containment design, manufacturing and installation to complement its existing contamination control and critical environment services. The company serves a blue-chip customer base that includes hyperscale operators, colocation providers and enterprise data center clients across Southeast Asia. Partners Ng Wai King, Kyle Lee, Rachel Tan and Chiang Yuan Bo led the firm’s team in the transaction.
