AZB & Partners is advising Bharti Hexacom and Telecommunications Consultants India on the IPO, via an offer for sale, of up to 100 million equity shares by Telecommunications Consultants India. The draft red herring prospectus was filed with the SEBI on January 19, 2024. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction, which is yet to be completed.
AZB & Partners is also advising Internet Fund V, a fund managed by Tiger Global Management, on the Rs4.14 billion (US$50m) acquisition by the Oaks Group, consisting of Oaks Consumer Fund-I, Oaks Asset Management and V’ocean Investments, and Tanjung Buai Ventures (Khazanah) of more than 10 percent equity stake in WOW Momo Foods. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on January 12, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Genesys Cloud Services Holdings III on its acquisition of Radarr Technologies, including Radarr Technologies India. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was signed on January 21, 2024 and completed on January 22, 2024.
Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, has represented TA Associates, a leading global private equity firm, on the sale of InCorp Global. Headquartered in Singapore, InCorp is a leading provider of corporate solutions and business advisory in Asia Pacific with operating presence across Singapore, Indonesia, Malaysia, Vietnam, the Philippines, Australia, India and Hong Kong. Singapore M&A principals Theodore Heng and Andrew Martin, supported by Baker McKenzie’s multidisciplinary experts across Australia, Hong Kong, Indonesia, Malaysia, the Philippines and Vietnam, led the firm’s team in the transaction.
Carey Olsen Hong Kong has acted as Cayman Islands counsel to Align Partners Capital Management (APCM) on the formation of Align Partners Korea Fund, Align Partners Korea (Non-US) Feeder Fund and Align Partners Korea (US) Feeder Fund. The fund is sub-managed by Seoul-based APCM, an activist fund manager renowned for applying a bottom-up, long term “Private Equity Approach to Korean Public Equity Markets” investment strategy focused on listed Korean equities. The successful launch of the fund represents a crucial milestone in APCM’s ongoing efforts in providing investors interested in partnering with APCM with access to Korea’s rapidly developing corporate governance landscape. The fund is a successor to the Korea-domiciled Align Partners Fund I, a vintage fund launched by APCM in 2021, and has attracted a significant participation from a well-known US value manager as the inaugural anchor investor. Corporate partner Michael Padarin led the firm’s team in the transaction, working alongside White & Case on international matters and Kim & Chang on Korean law matters.
Clifford Chance has advised APG Asset Management, one of the world’s largest pension investors, on the establishment of and its co-investment, alongside sovereign wealth funds Abu Dhabi Investment Authority and Indonesia Investment Authority, in Indonesia’s first toll road investment platform. The investment is in Indonesia’s Trans-Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang, the initial seed assets for the toll road investment platform, which is targeting up to US$2.75 billion of investment in Indonesia’s toll road networks. The investments in the Kanci-Pejagan and Pejagan-Pemalang toll road sections is expected to boost Indonesia’s regional connectivity and economic development. Singapore partner Melissa Ng led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised on the issuance of listed, secured non-convertible debentures of up to Rs5 billion (US$60.2m) on a private placement basis by Adani Ports and Special Economic Zone. The issuance is accompanied by a sophisticated security arrangement, uniquely designed to secure the NCDs through receivables from the inter-corporate debts between the issuer and its subsidiaries. Partner Pururaj Bhar led the firm’s team in the transaction, which was signed on January 8, 2024 and closed on January 10, 2024.
JSA has represented Groupe Astek on its acquisition of Sinergia Media Labs (Simelabs) and its subsidiary Goodbits Tech. Astek has acquired a majority shareholding in Simelabs, with a commitment for a long-term partnership with the sellers. Groupe Astek is a French global conglomerate that provides engineering services in advanced technology and IT to a wide array of industries and sectors. This is the first acquisition by Groupe Astek of an Indian company, and marks the entry of Groupe Astek into the Indian market. Headquartered in Kochi, India, Simelabs is a digital solutions and services provider with expertise in executing projects worldwide in the fields of business mobility, artificial intelligence, data science, machine learning, IoT, cloud and AR/VR technology. Partner Archana Tewary led the firm’s team in the transaction.
Clifford Chance has advised APG Asset Management, one of the world’s largest pension investors, on the establishment of and its co-investment, alongside sovereign wealth funds Abu Dhabi Investment Authority and Indonesia Investment Authority, in Indonesia’s first toll road investment platform. The investment is in Indonesia’s Trans-Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang, the initial seed assets for the toll road investment platform, which is targeting up to US$2.75 billion of investment in Indonesia’s toll road networks. The investments in the Kanci-Pejagan and Pejagan-Pemalang toll road sections is expected to boost Indonesia’s regional connectivity and economic development. Singapore partner Melissa Ng led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised on the issuance of listed, secured non-convertible debentures of up to Rs5 billion (US$60.2m) on a private placement basis by Adani Ports and Special Economic Zone. The issuance is accompanied by a sophisticated security arrangement, uniquely designed to secure the NCDs through receivables from the inter-corporate debts between the issuer and its subsidiaries. Partner Pururaj Bhar led the firm’s team in the transaction, which was signed on January 8, 2024 and closed on January 10, 2024.
JSA has represented Groupe Astek on its acquisition of Sinergia Media Labs (Simelabs) and its subsidiary Goodbits Tech. Astek has acquired a majority shareholding in Simelabs, with a commitment for a long-term partnership with the sellers. Groupe Astek is a French global conglomerate that provides engineering services in advanced technology and IT to a wide array of industries and sectors. This is the first acquisition by Groupe Astek of an Indian company, and marks the entry of Groupe Astek into the Indian market. Headquartered in Kochi, India, Simelabs is a digital solutions and services provider with expertise in executing projects worldwide in the fields of business mobility, artificial intelligence, data science, machine learning, IoT, cloud and AR/VR technology. Partner Archana Tewary led the firm’s team in the transaction.
Saraf and Partners has acted as Indian counsel to the Indian Renewable Energy Development Agency (IREDA) and its promoter, the Ministry of New and Renewable Energy of India, on IREDA’s approximately Rs21.5 billion (US$259m) IPO, comprising a fresh issue aggregating to Rs12.9 billion (US$155m) and an offer for sale by the promoter aggregating to Rs8.6 billion (US$103.5m). IREDA is India’s largest pure-play green financing NBFC, with over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy projects and energy efficiency and conservation projects. The IPO witnessed strong investor response, being subscribed 38.80 times overall, and 104.57 times in the QIB category. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction. Hogan Lovells acted as international counsel, while Denton Link Legal acted as Indian counsel to IDBI Capital Markets and Securities, BOB Capital Markets and SBI Capital Markets, as the book-running lead managers.
Shardul Amarchand Mangaldas has advised JSW Group on the acquisition of 35 percent stake in Morris Garages Motor India (MGI) via primary investment in MGI and secondary acquisition of shares from MGI’s promoter SAIC Motor. Partners Deepto Roy and Dnyanraj Desai, supported by partners Gauri Chhabra, Mukul Baveja, Veena Sivaramakrishnan, Mohit Bhatia and Jay Gandhi, led the firm’s team in the transaction, which was signed on November 30, 2023 and approved by the Competition Commission of India on January 23, 2024. Herbert Smith Freehills, led by partners Siddhartha Shukla and Calvin Ho, advised on international aspects while Orrick, Herrington & Sutcliffe acted as international counsel. AZB & Partners acted as Indian counsel, while Landing Law Offices acted as Chinese counsel to Morris Garages Motor India and SAIC Motor.
Shardul Amarchand Mangaldas has also advised Petronet LNG, along with the other Indian parties, on the 20-year LNG Sale and Purchase Agreement executed between Petronet LNG and QatarEnergy for the purchase of around 7.5 MTPA of LNG annually. The deal is valued at approximately US$78 Billion at present prices, and was closed on February 6, 2024. The LNG is expected to be onsold to Indian Oil, Bharat Petroleum and GAIL India. Partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is one of the largest transactions in the natural gas space in India, and would account for more than 35 percent of India’s present LNG imports.
Moreover, Shardul Amarchand Mangaldas has advised on the proposed composite scheme of arrangement involving the merger of Mangalore Chemicals & Fertilisers with and into Paradeep Phosphates. As an integral part of the scheme of arrangement, the deal also contemplates a transfer of shares of Mangalore Chemicals and Fertilizers from Zuari Agro Chemicals to Zuari Maroc Phosphates. The proposed combined entity will become one of the largest integrated private sector fertilizer companies in India, with a total manufacturing capacity of approximately 3.6 MMTPA. Executive chairman Shardul S Shroff and partners Gunjan Shah, Karun Prakash and Sangamitra Sankaraiah, supported by partners Rohan Arora and Aman Singh Sethi, led the firm’s team in the transaction. AZB & Partners advised OCP Group Morocco, an indirect shareholder of Paradeep Phosphates.
S&R Associates has represented Hitachi Payment Services, a payments and commerce solutions provider, on its acquisition of Writer Corporation’s cash management business, through its subsidiary Hitachi Cash Management Services. Partners Sanjeev Adlakha and Rachael Israel led the firm’s team in the transaction.
Trilegal has advised Nuvama Asset Management on its strategic 50:50 joint venture with Cushman & Wakefield, through Cushman and Wakefield India, for investing in commercial real estate assets in India. The JV entity proposes to raise its first fund, with a target corpus of Rs30 billion (US$361.3m), that will be invested in prime commercial offices across India’s high-growth markets. The JV aims to leverage Nuvama’s superior expertise in fund management and Cushman’s global expertise in the commercial real estate industry to offer Indian investors a platform to invest in commercial real estate assets in India. Corporate partners Kunal Chandra and Kabeer Mathur, supported by funds partners Ganesh Rao, Aditya Jha and Yash Bansal and intellectual property partner Kirti Balasubramanian, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has also advised Petronet LNG, along with the other Indian parties, on the 20-year LNG Sale and Purchase Agreement executed between Petronet LNG and QatarEnergy for the purchase of around 7.5 MTPA of LNG annually. The deal is valued at approximately US$78 Billion at present prices, and was closed on February 6, 2024. The LNG is expected to be onsold to Indian Oil, Bharat Petroleum and GAIL India. Partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is one of the largest transactions in the natural gas space in India, and would account for more than 35 percent of India’s present LNG imports.
Moreover, Shardul Amarchand Mangaldas has advised on the proposed composite scheme of arrangement involving the merger of Mangalore Chemicals & Fertilisers with and into Paradeep Phosphates. As an integral part of the scheme of arrangement, the deal also contemplates a transfer of shares of Mangalore Chemicals and Fertilizers from Zuari Agro Chemicals to Zuari Maroc Phosphates. The proposed combined entity will become one of the largest integrated private sector fertilizer companies in India, with a total manufacturing capacity of approximately 3.6 MMTPA. Executive chairman Shardul S Shroff and partners Gunjan Shah, Karun Prakash and Sangamitra Sankaraiah, supported by partners Rohan Arora and Aman Singh Sethi, led the firm’s team in the transaction. AZB & Partners advised OCP Group Morocco, an indirect shareholder of Paradeep Phosphates.
S&R Associates has represented Hitachi Payment Services, a payments and commerce solutions provider, on its acquisition of Writer Corporation’s cash management business, through its subsidiary Hitachi Cash Management Services. Partners Sanjeev Adlakha and Rachael Israel led the firm’s team in the transaction.
Trilegal has advised Nuvama Asset Management on its strategic 50:50 joint venture with Cushman & Wakefield, through Cushman and Wakefield India, for investing in commercial real estate assets in India. The JV entity proposes to raise its first fund, with a target corpus of Rs30 billion (US$361.3m), that will be invested in prime commercial offices across India’s high-growth markets. The JV aims to leverage Nuvama’s superior expertise in fund management and Cushman’s global expertise in the commercial real estate industry to offer Indian investors a platform to invest in commercial real estate assets in India. Corporate partners Kunal Chandra and Kabeer Mathur, supported by funds partners Ganesh Rao, Aditya Jha and Yash Bansal and intellectual property partner Kirti Balasubramanian, led the firm’s team in the transaction.
