AZB & Partners is advising Housing Development Finance Corporation (HDFC) on the Rs110.64 billion (US$1.35b) acquisition by Kopvoorn, a part of the BPEA EQT group, and ChrysCapital group entities Moss Investments, Defati Investments Holding and Infinity Partners of HDFC Credila Financial Services from HDFC and HDFC Bank. Partners Nandish Vyas, Varoon Chandra, Ajay Solanki and Nishanth Ravindran are leading the firm’s team in the transaction, which was signed on June 19, 2023 and is yet to be completed.
AZB & Partners has also advised FIH Mauritius Investments on its US$250 million acquisition of 10 percent equity stake in Bangalore International Airport from Siemens Project Ventures. Partners Darshika Kothari, Divya Mundra and Shivanand Nayak led the firm’s team in the transaction, which was completed on June 21, 2023.
Moreover, AZB & Partners has advised Tata Motors Finance and Tata Motors Finance Solutions on the demerger of the non-banking finance-related business of Tata Motors Finance to Tata Motors Finance Solutions. In its order dated May 12, 2023, the NCLT sanctioned the scheme of arrangement. Partners Gautam Ganjawala and Karthik Mudaliar led the firm’s team in the transaction, which was valued at more than US$50 million.
Further, AZB & Partners has advised FIH Mauritius Investments on its Rs2.5 billion (US$30.5m) sale of shares of IIFL Finance. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction, which was completed on June 16, 2023.
Clifford Chance has advised Mitsui & Co on its ¥20 billion (US$139m) acquisition of a partial stake in Italian food business Euricom, one of Europe’s biggest producers and suppliers of rice, processed rice products, pulses and other products. In 2022, Mitsui invested in Rol-Ryż, a Polish subsidiary of Euricom, a transaction which the firm also advised on. Partner Natsuko Sugihara, supported by partners Umberto Penco Salvi (Italy), Luciano Di Via (Italy) and Wojciech Polz (Warsaw), led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Alfanar Global Development, a part of Alfanar Projects, on engineering procurement and construction (EPC) contracts for five large projects awarded by NEOM to design, build, finance, operate and maintain the residential communities for NEOM, KSA. Alfanar Projects is the biggest main contractor for this project. Partner Ajay Sawhney, supported by partner Bhupendra Verma, led the firm’s team in the transaction, which closed in June 2023. Linklaters advised NEOM, Gowling WLG advised the DBFOM Contractor, and Pinsent Masons advised the lender.
Skadden is advising NIO, a pioneer in China’s premium smart electric vehicle market, on an equity investment transaction with CYVN Holdings, an investment vehicle majority-owned by the government of Abu Dhabi and strategically focused on advanced and smart mobility. CYVN Holdings will invest an aggregate of US$738.5 million in cash to subscribe, through private placement, NIO’s newly issued Class A ordinary shares. After closing of the transaction, NIO and CYVN Holdings agreed to cooperate to jointly pursue opportunities in NIO’s international business. Shanghai partner Yuting Wu, supported by partners Michael Leiter (Washington DC) and Steve Kwok (Hong Kong), is leading the firm’s team in the transaction, which, upon successful closing, is expected to be the single largest strategic investment from a Middle Eastern investor in a Chinese EV company.
Trilegal has represented HDFC Bank and SBI Capital Markets, as the book-running lead managers, on the qualified institutions placement of equity shares by Aether Industries. The offer included a fresh issue of equity shares worth Rs7.5 billion (US$91.5m), at Rs936 (US$11.42) per equity share, including a premium of Rs926 (US$11.29) per equity share. Partners Bhakta Patnaik (capital markets head) and partner Brajendu Bhaskar led the firm’s team in the transaction.
TT&A has advised L Catterton Asia Advisors (LCAT) on its approximately US$60 million proposed investment in Drools Pet Food, the top local pet food company in India. Drools Pet Food will leverage LCAT’s expertise in the pet food sector to further strengthen its position as the largest domestic player in India’s burgeoning pet food market. Partners Sachin Mehta and Swati Chauhan led the firm’s team in the transaction.
WongPartnership has acted for Wavemaker Partners and Sequoia Capital, the existing shareholders and noteholders of Singapore-based generative artificial intelligence platform start-up Pencil, on Pencil’s business and asset acquisition by The Brandtech Group, an enterprise-level marketing technology group and the largest global digital partner for some of the world’s biggest brands. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership has also acted for Cercano Management and Alpha JWC Ventures, as co-lead investors, on the US$3.45 million pre-seed funding round of Vantient, a Singapore-based Web3 customer relationship management solutions company. Partner Kyle Lee also led the firm’s team in the transaction.