AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the acquisition of majority stake by Vertical Holdings II, together with KIA EBT Scheme 3, in LEAP India. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was valued at more than US$100 million and was completed on October 9, 2023.
AZB & Partners has also advised Gleneagles Development on its approximately Rs7.4 billion (US$89m) acquisition of the entire equity stake of Ravindranath Ge Medical Associates and Global Clinical Research Services from Dr K Ravindranath and affiliates. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on September 25, 2023.
Moreover, AZB & Partners has acted as Indian counsel to Elliott Investment Management on its acquisition, together with Patient Square Capital and Veritas Capital Fund Management, of Syneos Health, including its four Indian subsidiaries inVentiv International Pharma Services, Kendle India, Kinapse India Scientific Services and RxData Science India. Partner Divya Mundra led the firm’s team in the transaction, which was completed on September 28, 2023.
Drew & Napier has advised Niks Professional on its IPO and listing in Singapore. Niks Professional is offering 21.8 million new shares at S$0.23 (US$0.168) per share, which comprise 20.8 million placement shares, which also include approximately 3.7 million reserved shares for management, employees and directors, and one million public shares. They will raise S$5 million (US$3.65m) in gross proceeds, with net proceeds coming to S$3.3 million (US$2.4m), after deducting relevant listing expenses. The stock is expected to start trading on October 27, 2023. Niks Professional is a trusted and established family practice dermatology and aesthetic medical services provider that also offers a comprehensive range of medical skincare products and salon services to complement medical solutions. The company and its subsidiaries have operations in Singapore and China. Directors Steven Lo and Ng Pei Tong led the firm’s team in the transaction.
Khaitan & Co has advised Videonetics Technology and its promoters Dr Tinku Acharya and Mrs Baishali Acharya on a sale of significant stake in Videonetics to private equity firm Florintree Adtech, via secondary purchase of shares. Videonetics is a Kolkata-based video computing platform. Its unified video management platform is a one-stop integrated video management solution that is also modular, encompassing cutting-edge applications. Led by former Blackstone India head Mathew Cyriac, Florintree Advisors is a growth-stage private equity firm that invests in technology-backed companies. The transaction also involved the exit of other financial investors Gennext Venture Fund and Cisco Systems (USA) from Videonetics. Partner Shourya Sengupta led the firm’s team in the transaction.
Khaitan & Co has also represented Vodafone Idea before the High Court of Delhi against the decision of the Appellate Authority of the GST Commissionerate, New Delhi. Vodafone Idea filed a petition challenging the rejection of the IGST refund paid by it under Section 16 (3) of IGST Act. The Office of the Joint Commissioner of CGST (Appeals) had rejected the refund claims on the grounds, inter alia, that Vodafone Idea’s telecom services, which included international inbound roaming services and international long-distance services to foreign telecom operators by virtue of the International Roaming Agreement, are not export of service, and that it is not a zero-rated supply entitled to refund; and b) that the refund claims were barred by limitation. The Division Bench of the High Court allowed the petition, holding that the transactions constitute export of service. On the question of limitation, the High Court held that the period between March 1, 2020 and February 28, 2022 is required to be excluded for the purpose of limitation for refund claims, in terms of the GST Notification 13/2022-Central Tax, and therefore, the claims cannot be said to be time barred. Accordingly, the High Court allowed the petition and directed the Department to process the refund claim. Vanita Bhargava and Shantanu Chaturvedi led the firm’s team in the matter.
R&T Asia (Thailand), has represented major retail companies CP Retail Development and Tesco Stores (currently known as Lotus’s Stores) on a case challenging the Trade Competition Commission’s approval of their US$10.6 billion merger in Thailand. The plaintiffs claimed the approval was unlawful, but the Central Administrative Court ruled in favour of the mergers, affirming the lawfulness of the disputed order in all aspects, and the case was dismissed. Partner Supawat Srirungruang led the firm’s team in the matter.
Rajah & Tann Singapore and Christopher & Lee Ong have acted for TSH Resources on its secondary listing in Singapore. Primarily listed in Malaysia, TSH Resources is principally engaged in oil palm cultivation and the processing of fresh fruit bunches into crude palm oil and palm kernel. As of the date of listing, TSH Resources had a market capitalisation of approximately RM1.38 billion (US$289m). Partners Raymond Tong and Jasselyn Seet from Rajah & Tann Singapore led the firms’ team in the transaction, alongside partner Por Chuei Ying from Christopher & Lee Ong.
Rajah & Tann Singapore is advising Hsteel on its S$140 million (US$102m) investment in New Vision Holding, which is presently held by The Place Singapore Investment (a subsidiary of Singapore-listed The Place Holdings), MCC Land (Singapore) and Sun Card. Partners Danny Lim and Cynthia Wu (capital markets/M&A), together with partner Elsa Chai (corporate real estate), are leading the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised JICC-01 Limited Partnership, Hitachi Astemo, Honda Motor and Hitachi Astemo Electric Motor Systems (HAEMS) on procuring the CCI’s approval, filed by way of a Form I notification form. The transaction comprised the acquisition of: (i) 20 percent voting rights in Hitachi Astemo by JICC, together with certain control rights, board representation and other rights; (ii) additional 6.6 percent voting rights in Hitachi Astemo by Honda Motor, such that 40 percent of the voting rights in Hitachi Astemo would be held by Honda Motor; and (iii) 49 percent shareholding in HAEMS by Hitachi Astemo, such that 100 percent of the shareholding of HAEMS is held by Hitachi Astemo. Partners Shweta Shroff Chopra and Gauri Chhabra, supported by managing partner Pallavi Shroff, led the firm’s team in the transaction, which is valued at approximately Rs188.56 billion (US$2.27b) and closed on October 17, 2023.
S&R Associates is representing Freight Commerce Solutions, the operator of the “Freight Tiger” digital platform in the logistics industry, on a proposed Rs1.5 billion (US$18m) strategic investment in 26.79 percent of its share capital by Tata Motors, a listed global automotive manufacturer. Partner Sudip Mahapatra is leading the firm’s team in the transaction, which is subject to customary conditions.
TT&A has acted as Indian counsel to Tata Motors on an acquisition of 26.79 percent stake in Freight Commerce Solutions, via primary investment of Rs1.5 billion (US$18m) through a combination of equity shares and compulsory convertible preference shares. Tata Motors has already introduced its connected vehicle platform ‘Fleet Edge’ for aiding fleet operations management. Tata Motors’ strategic investment in ‘Freight Tiger’ will accelerate the company’s initiatives in driving effectiveness and efficiency in the truck and freight ecosystem. Together, these innovative solutions (‘Fleet Edge’ & ‘Freight Tiger’) aspire to forge a comprehensive end-to-end digital ecosystem for the entire logistics value chain, covering both the truck and the trip ecosystem, thereby bringing significant benefits to shippers, brokers and transporters who keep India moving. Partners Gautam Saha, Sachin Mehta and Deepa Christopher led the firm’s team in the transaction.
