AZB & Partners has advised Tata Chemicals on its Rs8.7 billion (US$129m) sale of the fertilizer business at its plant in Haldia, West Bengal to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings. Partners Zia Mody, Darshika Kothari and Anand Shah led the transaction, which was completed on June 1, 2018.
AZB & Partners is also advising Oman Indian Joint Investment Fund II on its Rs1.55 billion (US$23m) acquisition, through a combination of compulsorily convertible preference shares and equity shares, of a more than 15 percent stake in Annapurna Finance. Partners Ashwin Ramanathan and Rinki Ganguli are leading the firm’s team in the transaction, which was signed on May 7, 2018 and is yet to be completed.
Clifford Chance has advised The Carlyle Group on the subscription of the Series C preference shares issued by Ant International, a wholly-owned offshore subsidiary of Ant Small and Micro Financial Services Group, and on the US$1.9 billion equity investment into the financial services group of Baidu (Baidu FSG) on its spin-off from Baidu. The subscription is part of Ant Financial’s equity financing, totalling US$14 billion. Other than Carlyle, a number of other leading global institutional investors also participated in this round of equity financing. The investment in Baidu FSG was made by a group of investors led by Carlyle and TPG. After the investment, these investors will collectively hold a majority of equity stake in Baidu FSG. Baidu FSG will operate independently from Baidu, and will enter into business cooperation arrangements with Baidu. The definitive transaction agreements were signed in April 2018, and the deal is expected to close later this year. Partners Fang Liu (Hong Kong) and Terence Foo, supported by partner Zhang Hong, led the firm’s team on the two transactions. Sullivan & Cromwell represented Deutsche Bank, Citi and Morgan Stanley, as financial advisers to Ant Small and Micro Financial Services Group, led by corporate partners Garth Bray and Kay Ian Ng. Weil acted as counsel for General Atlantic, one of the private equity investors in the Ant Financial financing, led by partner Henry Ong.
Fangda has represented Sina on its investment in Pintec Technology. The deal was closed on June 1, 2018. Pintec, a Beijing-based independent technology platform enabling financial services, raised US$103 million in financing.
Fangda has also represented China International Capital as the sponsor and lead underwriter on the global reorganisation and IPO of A shares by Foxconn Industrial Internet . The offering raised about Rmb27.1 billion (US$4.23b), making it the largest A-share IPO since July 2015.
HSA Advocates has advised Chhattisgarh Infotech Promotion Society (CHiPS), the state government’s prime powerhouse for propelling technological growth and e-governance in Chhattisgarh, on the implementation of the Rs10 billion (US$148.2m) Sanchar Kranti Yojana (SKY) scheme to upgrade the infrastructure and improve the literacy rate, tele-density and smartphone penetration in Chhattisgarh. The scheme involves the selected bidder to distribute free smartphones to approximately five million people in Chhattisgarh, falling within “strategised categories”, such as people living below-poverty-line, college students and women. Further, the scheme requires the selected bidder to augment the telecom network in Chhattisgarh, prior to the distribution of the smartphones. Pursuant to the bid roll out for the SKY project, the consortium of Reliance Jio and Micromax has emerged as the winner, with Micromax to supply the handsets and Reliance Jio to act as network service provider. Founding partner Hemant Sahai and partner Rahul Arora led the firm’s team.
J Sagar Associates hasadvised Mercer Consulting (India),a subsidiary of Marsh & McLennan Companies,on its acquisition of India Life Capital, one of the largest SEBI-registered investment advisors, with more than Rs300 billion (US$4.45b) under advisory. Mercer is one of the world’s largest investment advisory firms, with approximately US$240 billion assets under delegated management. With this acquisition, Mercer will expand its existing wealth business in India, enabling it to offer investment advisory services to retirement funds and other institutional assets, and also bring in the full portfolio of Mercer’s investments solutions to its clients in India. Joint managingpartner Shivpriya Nanda and partners Minu Dwivedi and Daksh Ahluwalia, supported by partners Kumarmangalam Vijay and Ravichandra Hegde, led the firm’s team.
Khaitan & Co has advised JM Financial, Axis Capital, ICICI Securities and SBI Capital Markets as the book-running lead managers on Jindal Steel & Power’s qualified institutional placement of approximately 51.5 million equity shares for approximately US$177 million. Executive director Sudhir Bassi and partner Gautham Srinivas led the firm’s team.
Khaitan & Co has also advised Techno Electric & Engineering on its acquisition of a 26 percent stake in Kohima-Mariani Transmission from Kalpataru Power Transmission. Kohima-Mariani Transmission is implementing a transmission project, comprising of the expansion of the 400kV network in the North Eastern Region. Partner Gahan Singh led the firm’s team.
King & Wood Mallesons has acted as Hong Kong counsel to the sole sponsor and underwriters on the IPO, by way of share offer, of Dowway Holdings in Hong Kong. Listed on June 12, 2018, the IPO comprised a total of 500 million shares issued and sold. Priced at HK$0.145 (US$0.018) per share, the gross proceeds from the share offer was HK$72.5 million (US$9.24m). Prior to the listing, the transaction involved a pre-IPO investment agreement with Longling Capital, one of the pre-IPO investors of Dowway Holdings. Dowway Holdings is an integrated exhibition and event management services provider that designs, plans, coordinates and manages exhibitions and events in over 40 cities in China. Longling Capital is a capital investment institution wholly-owned by Cai Wensheng, the founder of Meitu. Hong Kong-listed Meitu is a China-headquartered global mobile internet company known for its rich portfolio of internet and smart hardware products. Corporate and securities partner Anthony Wan led the firm’s team.
Majmudar & Partners has represented the Sanwal family on the US$15 million sale of their 100 percent shareholding in AIMS Impex, a leading flavour and fragrance chemicals manufacturer, to Eternis Fine Chemicals. AIMS Impex is a market leader in manufacturing synthetic coumarin, a popular fragrance chemical in India. Partner Rukshad Davar and associate partner Amrit Mehta led the firm’s team. HSA Advocates and Avendus Capital represented Eternis Fine Chemicals.
Orrick has advised JD.com on its HK$899 million (US$114.6m) strategic investment in China Logistics Property Holdings (CNLP), representing approximately 9.9 percent of the enlarged share capital of CNLP following the investment. In connection with this investment, JD has the right to nominate one non-executive director to be appointed to the board of directors of CNLP. JD is a leading technology-driven e-commerce company and retail infrastructure service provider in China. JD is one of CNLP’s largest clients. Hong Kong-listed CNLP is a leading provider of premium logistics facilities in China. As of December 31, 2017, CNLP operated a portfolio of 130 logistics facilities with an aggregate area of 3.1 million square meters, located in 27 logistics parks in 14 provinces or municipalities across China. Shanghai corporate partner Jie Sun and Hong Kong M&A and private equity partner Mark Lehmkuhler led the firm’s team.
Rajah & Tann Singapore has acted for Far East Consortium International on its acquisition of Highest Reach Investments from Amber Investment Holding (Cayman). Through its subsidiaries, Highest Reach Investments owns a freehold property known as 21 Anderson Royal Oak Residence, Singapore. The property comprises 34 residential units, with a total ground floor area of 87,000 square feet, and enjoys an unparalleled location close to Orchard Road, Singapore. Partners Norman Ho, Benjamin Tay and Tan Chon Beng led the firm’s team.
Rajah & Tann Singapore has also acted on the collective sale of Mayfair Gardens, a residential development comprising 124 strata lots and situated at 2, 4, 6, 8, 10, 12 and 14 Rifle Range Road, Singapore, for S$311 million (US$233m). The sale to Citrine Property, a wholly-owned subsidiary of Oxley Holdings, garnered over 90 percent consensus among all the registered proprietors of the development, and involved the application to the Strata Titles Boards under the Land Titles (Strata) Act, with the sale sanctioned by the Board. Partner Norman Ho led the transaction.
TT&A is advising Whirlpool of India (WOI) and Whirlpool Corporation on WOI’s acquisition of 49 percent shares of Elica PB Indiafrom Elica and the Indian shareholders. Whirpool Corporation, WOI’s parent company, holds 12.5 percent shareholding in Elica SpA, the parent company of Elica PB India. Competition executive chairman Vinod Dhall and partner Kunal Thakore are leading the firm’s team in the transaction, which was signed on June 1, 2018 and is valued at approximately Rs1.62 billion (US$24m). Linklaters London acted as international counsel to Whirlpool Corporation. DSK Legal advised Elica PB India, while SabelliBenazzo Italy and Nishith Desai Associates acted as international counsel and Indian counsel, respectively, to Elica SpA.
Weerawong C&P has represented Exploration and Production on the US$750 million assignment and transfer of a 22.22 percent stake in Bongkot Project blocks 15, 16, 17 and G12/48 from Shell Integrated Gas Thailand and Thai Energy. Partner Panuwat Chalongkuamdee led the firm’s team in the transaction.
Weerawong C&P has also represented Global Chemical, PTT Group’s petrochemical flagship company, on a joint venture with two Japanese companies, Kuraray and Sumitomo, for the manufacture and sale of butadiene derivatives. Partner Panuwat Chalongkuamdee also led the firm’s team in the transaction.
WongPartnership has acted for Hyphens Pharma International, one of Singapore’s leading specialty pharmaceutical and consumer healthcare groups, on its IPO of shares and listing in Singapore. Partners Gail Ong, Chan Sing Yee and Karen Yeoh led the firm’s team.
