AZB & Partners is advising Bharti Life Ventures and Bharti AXA Life Insurance on the acquisition of 15 percent stake in Bharti Axa Life Insurance by 360 One Funds. Partners Anil Kasturi and Niladri Maulik are leading the firm’s team in the transaction, which was signed on February 17, 2025 and is yet to be completed.
AZB & Partners has also advised ArisInfra Solutions, the Mankekar Family (Kedar Shivanand Mankekar, Shivanand Shankar Mankekar, Laxmi Shivanand Mankekar and Shivanand Shankar Mankekar HUF) and the Shah Family (Siddharth Bhaskar Shah, Priyanka Bhaskar Shah, Aspire Family Trust and Jasmine Bhaskar Shah) on the acquisition of stake in ArisInfra Solutions by Cognizant Capital Dynamic Opportunities Fund. Partners Anand Shah and Kinshuk Jhunjhunwala led the firm’s team in the transaction, which was completed on January 22, 2025.
Moreover, AZB & Partners is advising Cube Highways Trust and Cube Highways and Infrastructure V on their Rs41 billion (US$471m) acquisition of Quazigund Expressway and Athaang Jammu Udhampur Highway from the National Infrastructure Investment Fund. Partners Aditya Periwal, Atreya Bhattacharya and Kirthi Srinivas are leading the firm’s team in the transaction, which was signed on February 7, 2025 and is yet to be completed.
JSA has advised Bajaj Consumer Care (BCC), a public-listed FMCG company within the Bajaj Group, on its 100 percent acquisition from private equity fund Peepul Capital of Vishal Personal Care, which manufactures skin and hair care products under the brand name ‘Banjara’s’. The acquisition will be completed in two tranches, where BCC will initially acquire a minority 49 percent stake, followed by a time-bound acquisition of the remaining 51 percent, subject to the satisfactory completion of the customary closing conditions as agreed in the transaction documents. By way of this acquisition, BCC intends to expand its footprint across Indian markets, leveraging the growing demand for natural and Ayurvedic personal care products. Partners Kartik Jain and Anant Mishra, supported by partner Preetha S, led the firm’s team in the transaction.
JSA has also advised Lesjöfors on its proposed acquisition of majority of the shares in Indian spring manufacturer International Industrial Springs. The acquisition marks Lesjöfors’ entry into the Indian industrial spring market, the world’s sixth largest spring market. Partner Siddharth Mody, supported by partner Rohan Kumar, led the firm’s team in the transaction, which is subject to customary closing conditions.
Moreover, JSA has advised Good Capital and B Capital on their Seed Series investment in Xneeti Tech on Chinese wall basis. Founded by Mr Amit Bagaria, Mr Vipinsingh Parihar and Mr Prateek Goyal in 2024, Xneeti is engaged in e-commerce management, marketing, distribution, branding, product selection, payments and logistics to help manufacturers, brands and traders sell to customers in the international markets. Xneeti offers a new-age tech platform that empowers Indian brands to grow in international markets, and delivers customized growth solutions and end to end ecommerce operations. Partners Manvinder Singh and Anant Mishra led the firm’s team advising B Capital, while partners Probir Roy Chowdhury and Yajas Setlur led the firm’s team advising Good Capital.
Rajah & Tann Singapore has acted for Realty Property Investment on the collective sale of all the strata commercial and residential units, including the common property at 8 Sin Ming Road, Sin Ming Centre. The firm also acted for Apex Asia Taiseng on the collective acquisition of the property. Senior partner Norman Ho and partners Gazelle Mok and Melvin Tan from the corporate real estate practice led the firm’s team in the transactions.
Shardul Amarchand Mangaldas & Co has advised Hexaware Technologies and Carlyle Group affiliate CA Magnum Holdings, as the promoter selling shareholder, on Hexaware’s IPO aggregating to US$1 billion, via an offer for sale by CA Magnum. The book-running lead managers for the IPO were Kotak Mahindra Capital, Citigroup Global Markets India, JP Morgan India, HSBC Securities and Capital Markets (India) and IIFL Capital Services. Capital markets national practice head Prashant Gupta and partner Ruth Chenchiah, supported by partners Abhishek Guha and Tanya Uppal, led the firm’s team in the transaction, which is the largest IPO by an IT services firm in India and the 7th largest IPO in the private sector in India.
Simpson Thacher is representing KKR on its acquisition of up to 54 percent of the equity in Healthcare Global Enterprises (HCG) from CVC at Rs445.00 (US$5.11) per share. Pursuant to the SEBI Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77 percent. Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure, including 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines (LINACs). KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space. Partners Ian Ho (Hong Kong-M&A), Anuj Shah (Tokyo-credit), Etienne Renaudeau (London/Brussels-antitrust) and William Smolinski (New York-tax) led the firm’s team in the transaction, which is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.
Trilegal has advised ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets, as the book-running lead managers, on the IPO of Ajax Engineering, a leading concrete equipment manufacturer in India. A market leader in self-loading concrete mixers in India, Ajax Engineering offers a comprehensive range of concrete equipment, services and solutions across the concrete application value chain. The IPO was a pure offer for sale, enabling Kedaara Capital to divest its full stake in the company. Partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.
Trilegal has also advised Jefferies, as the placement agent, on the strategic divestment of Bharti Airtel shares by Indian Continent Investment, a promoter-group entity, for Rs84.85 billion (US$974m). The shares were sold through the stock exchange at a floor price of Rs1,660.00 (US$19.05) per share, with participation from both foreign and domestic institutional investors, including Goldman Sachs, GQG Partners, Vanguard, Fidelity, SBI Life Insurance, National Pension System Trust and ICICI Prudential. Partners Bhakta Patnaik and Albin Thomas also led the firm’s team in the transaction, which stands among the largest block trades in India in 2025.
