AZB & Partners is advising Eaglebay Investment, an affiliate of Warburg Pincus, on its Rs14.8 billion (US$172m) sale, along with other sellers, of stake in Ecom Express to Delhivery. Partners Anil Kasturi, Anisha Sridhar and Anshuman Vikram Singh are leading the firm’s team in the transaction, which was signed on April 5, 2025 and is yet to be completed.
AZB & Partners has also advised Baylink Capital, Trive Capital and West Agile Labs (Veltris) on their acquisition of 100 percent shareholding of BPK, including its Indian subsidiary BPK Tech Services India. Partners Anil Kasturi, Anisha Shridhar and Abhinav Ashwin led the firm’s team in the transaction, which was completed on March 25, 2025.
Moreover, AZB & Partners has advised InCred Growth Partners Fund-I on its acquisition, along with other acquirers, of more than five percent stake in Manjushree Technopack from AI Lenarco Midco (Advent International). Partners Shriram Shah and Harshil Dalal led the firm’s team in the transaction, which was completed on March 27, 2025.
Carey Olsen has advised Waton Securities International on its IPO on the Nasdaq, which successfully closed on April 2, 2025. BVI-incorporated Waton Securities operates primarily through its Hong Kong-based subsidiaries, providing financial services, including settlement services, for HK stock, US stock and A-share stock, as well as one-stop IT platform services to licensed brokerage firms. Singapore corporate partner Anthony McKenzie the firm’s team in the transaction, while Hunter Taubman Fischer & Li acted as US securities counsel and Han Kun Law Offices acted as Hong Kong counsel.
Clifford Chance has advised global alternative asset management firm TPG on its acquisition of a majority stake in Five Good Friends, a technology-enabled homecare business. Five Good Friends provides in-home aged care and disability-support services, including nursing support and everyday help like cleaning and household tasks, through a self-service platform that connects with those seeking services. It also operates a digital care management platform known as “The Lookout Way”. Corporate partners Andrew Crook and Jacob Kahwaji led the firm’s team in the transaction.
Greenberg Traurig has advised ShopUp, Bangladesh’s largest B2B commerce platform, on the merger with Sary, the leading B2B marketplace and services platform in the Gulf, to form SILQ. Subject to closing formalities, the merger is expected to create the largest B2B commerce platform bringing together the Gulf and Emerging Asia to serve the FMCG market, both in the region and across the globe. The merger is backed by a US$110 million funding led by Sanabil Investments, a wholly-owned company by Saudi Arabia’s Public Investment Fund and Peter Thiel’s Valar Ventures. To date, the combined network of ShopUp and Sary has served over 600,000 retailers, hotels, restaurants and wholesalers; facilitated a total of 100 million shipments; and has made over US$5 billion in transactions on their subsequent platforms, exceeding US$750 million in embedded financing disbursements. The combination of these two powerhouses to establish SILQ as their platform of choice will enable businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features. Post-merger, both ShopUp and Sary will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ’s infrastructure and combined capabilities. The group will establish a financing infrastructure arm, SILQ Financial, with equity investment and financing facilities from the Sanabil Investment and Peter Thiel’s Valar Ventures funding round, doubling down on the embedded financing scale of both markets and the Point-of-Sales business. Corporate shareholder Chadi Salloum, supported by shareholders Marwa Al-Siyabi and Shibeer Ahmed, led the firm’s multidisciplinary team from Dubai and Riyadh in the transaction.
JSA has represented Mr Bhrugesh Amin, the Resolution Professional (RP) of the Corporate Debtor, before the National Company Law Tribunal Mumbai on obtaining injunctive relief against the erstwhile promoters in using domain name and other social media accounts containing brand name “SMAAASH”. The RP was constrained to file an Application under the Insolvency and Bankruptcy Code 2016 and Rule 11 of the NCLT Rules 2016, inter-alia, seeking injunction against the erstwhile promoters and its related party from using the brand name “SMAAASH” in domain name, social media accounts, and transfer the domain “www.smaaash.com” back to the Corporate Debtor, even though the said domain name was not created by the Corporate Debtor. Accepting the contentions advanced by the RP, the NCLT held that it has jurisdiction under the Insolvency and Bankruptcy Code 2016 to decide the disputes relating to violation of trademarks, since such disputes are connected with the insolvency resolution of the Corporate Debtor. The NCLT also held that domain name falls within the definition of ‘mark’ under the Trade Marks Act 1999; hence, using the domain name with brand name “SMAAASH” amounts to infringement of the Corporate Debtor’s Trade Mark. Having possession of domain name “www.smaaash.com” by the erstwhile promoters and its related party, even though the said domain name is not owned by the Corporate Debtor, amounts to “cyber-squatting”, according to the NCLT. Thus, the Corporate Debtor is entitled to a relief of not only an injunction from usage of domain name, but also the relief of transfer of domain name in favour of the Corporate Debtor. Thru the order, the NCLT ensured that the brand name “SMAAASH” and associated digital assets of the Corporate Debtor are protected, allowing the RP to manage the business effectively without obstruction. The order lays down the principles regarding the jurisdiction of the Tribunal in resolving disputes relating to intellectual property and digital assets of the Corporate Debtor. Partner Varghese Thomas, supported by partners Kunal Kaul and Fatema Kachwalla, led the firm’s team in the transaction.
JSA has also represented 1Crowd on its primary investment in Gostops Hospitality. In addition to 1Crowd, the Series A round secured investment from lead investor Blume and other existing investors. Gostops Hospitality offers vibrant, social and design-led hostel spaces for the new generation, primarily in India. The funding will be used to strengthen operations, enhance technology and elevate the social and experiential aspects of its existing properties, reinforcing goSTOPS as the preferred travel and lifestyle brand for India’s youth. Partner Kanishka Bajpai led the firm’s team in the transaction, which was signed on February 22, 2025.
Latham & Watkins has advised the initial purchasers on the offering of US$690 million principal amount of 0.50 percent convertible senior notes due 2030 by Qifu Technology, a leading AI-empowered Credit-Tech platform in China. Hong Kong corporate partners Posit Laohaphan and Benjamin Su led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised the Committee of Creditors of Vadraj Cements, led by Punjab National Bank, on the corporate insolvency resolution process of Vadraj Cements. The resolution plan was approved by the National Company Law Tribunal Mumbai on April 1, 2025, and is valued at approximately Rs18 billion (US$209m). The acquisition will be carried out through Vanya, a wholly-owned subsidiary of Nuvoco, which will subsequently merge with Vadraj Cements. Upon completion of the merger, Vadraj Cements will become a wholly-owned subsidiary of Nuvoco Vistas, further consolidating its presence in the Indian cement industry. The acquisition would make Nuvoco Vistas the fifth largest cement group in India. Partner Soummo Biswas and Misha led the firm’s team in the transaction. The Resolution Professional of Vadraj Cements was advised by AZB & Partners, while Nuvoco Vistas, the successful resolution applicant, was advised by Khaitan & Co.
Shardul Amarchand Mangaldas & Co has also advised the Jindal Steel & Power Group on the acquisition, through its wholly-owned subsidiary Jindal Steel Odisha (JSO), of the entire effective and controlling stake of Allied Strips from Nivaya ASL. The deal was closed on April 2, 2025, and is valued at approximately Rs2.18 billion (US$25.3m). As part of the acquisition of Allied Strips, JSO also acquired certain optionally convertible debentures issued by Allied Strips to Nivaya and an unsecured loan given by Nivaya to Allied Strips. Nivaya had acquired Allied Strips in terms of the Insolvency and Bankruptcy Code 2016 and, to implement its resolution plan, Nivaya had issued certain debentures to Edelweiss, and Allied Strips had created security over its assets to secure such debentures. Nivaya defaulted in repayment of its obligations to Edelweiss. Thereafter, Nivaya issued a request for proposals to sell its entire stake in Allied Strips. The process was a creditor led- borrower supported sale of the entire controlling stake of Allied Strips. Partners Anoop Rawat and Saurav Panda led the firm’s team in the transaction. Chandiok & Mahajan advised Nivaya.
Moreover, Shardul Amarchand Mangaldas & Co has advised Paul Merchants Finance, Paul Merchants, Mr Sat Paul Bansal and Mr Rajneesh Bansal, as the promoter group, on a business transfer agreement for the sale of its gold loan business to L&T Finance. Signed on February 7, 2025, the deal is valued at approximately US$61.3 million. This deal marks the entry of L&T Finance into the line of gold loan business and the transferor’s exit from the same. It involved a business transfer between entities regulated by financial sector regulators, such as the RBI and the SEBI. Partners Zubin Mehta and Mohit Bhatia, supported by partners Gouri Puri, Rajat Bose, Naval Chopra, Manita Doshi and Aman Sethi, led the firm’s team in the transaction. AZB & Partners advised L&T Finance.
Trilegal is advising Ardee Engineering and the promoter selling shareholder on Ardee’s IPO. The book-running lead managers are IIFL Capital Services (formerly known as IIFL Securities) and JM Financial. Ardee is an integrated design, engineering and manufacturing company based in India that serves some of the largest globally recognised clients. The proposed IPO comprises a fresh issue aggregating up to Rs5 billion (US$ 58m) and an offer for sale by the promoter selling shareholder aggregating up to Rs800 million (US$9.3m). Partner Abhinav Maker is leading the firm’s team in the transaction.
