AZB & Partners is advising Qatar Investment Authority on the Rs82.78 billion (US$1b) acquisition by Qatar Holding of equity stake of Reliance Retail Ventures. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on August 23, 2023 and is yet to be completed.
AZB & Partners has also advised Omega TC Sabre Holdings and Tata Capital Financial Services, as the investor selling shareholders, and shareholder Mahogany Singapore on the IPO by TVS Supply Chain Solutions of equity shares, comprising a fresh issue aggregating up to Rs6 billion (US$72m) and an offer for sale of up to Rs2.8 billion (US$33.7m), by the selling shareholders. Partners Varoon Chandra, Nilanjana Singh and Agnik Bhattacharyya led the firm’s team in the transaction, which was completed on August 23, 2023.
Khaitan & Co has advised Shiva Pharmachem on its proposed IPO of equity shares of Rs2 (US$0.024) each, aggregating up to Rs9 billion (US$108m) and an offer for sale of equity shares by Vishal Rakesh Agrawal, Rahul Rakesh Agrawal and Geetganga Investment, the selling shareholders. The company has filed the draft red herring prospectus on August 21, 2023. Partners Aditya Cheriyan and Chirayu Chandani led the firm’s team in the transaction.
Khaitan & Co has also advised TVS Supply Chain Solutions and certain individual selling shareholders on the IPO of equity shares of TVS Supply Chain Solutions, comprising of a fresh issue aggregating to Rs6 billion (US$72m) and an offer for sale by the selling shareholders of the company aggregating to Rs2.8 billion (US$33.7m). The book-running lead managers to the offer are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Nuvama Wealth Management (formerly Edelweiss Securities) and Equirus Capital. Partners Aditya Cheriyan and Chirayu Chandani, supported by partner Vivek Sriram, also led the firm’s team in the transaction.
Morgan Lewis has represented TAWAL Europe Holdings, an affiliate of Saudi Telecom, on its approximately €1.22 billion (US$1.3b) acquisition of United Group’s telecommunications towers business in Bulgaria, Croatia and Slovenia. TAWAL operates telecommunications towers businesses in the Middle East and Pakistan, and this transaction represents its first investment in Europe. United Group is one of the largest telecommunications and media groups in the Balkans and southeastern Europe. Partners Anastasia Dergacheva, Mark Geday, Omar Shah and Neil McKnight led the firm’s team in the transaction.
Paul Hastings has advised Wuxi Nengda Thermoelectric, a state-owned enterprise in Wuxi City, Jiangsu Province, China, as the guarantor, on the issuance of ¥13 billion (US$88.2m) 1.6 percent credit enhanced guaranteed bonds due 2026 by Hongkong Yunlin International. The bonds are supported by an irrevocable Standby Letter of Credit issued by Bank of Shanghai and listed on the Chongwa (Macao) Financial Asset Exchange. The firm has previously advised Wuxi Nengda Thermoelectric as the guarantor on the issuance of Rmb750 million (US$102.6m) 4.2 percent credit enhanced guaranteed bonds due 2025 by Hongkong Yunlin International in January 2023. Shanghai office chief representative and Shanghai and Beijing offices co-chair Jia Yan and corporate partner James Ma led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised Continuum Green Energy Aura, a subsidiary of Continuum Green Energy, on the issuance of senior secured notes amounting to US$435 million. The notes, bearing a coupon rate of 9.5 percent and due in 2027, have been successfully listed in Singapore. A renewable energy group based out of India, Continuum focuses on large-scale wind farms which can be co-located with solar photovoltaic (PV) installations. Founded in 2009, Continuum is one of the largest suppliers of renewable energy to the category of C&I or commercial and industrial customers in India with an operating capacity of 1,299.8 MW. Partner and National practice head partner Prashant Gupta and partner Shubhangi Garg, supported by partner Gouri Puri, led the firm’s team in the transaction. Linklaters Singapore advised the issuer on the US and Singapore legal aspects. Ashurst and Talwar Thakore & Associates advised Deutsche Bank Singapore Branch, Emirates NBD Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, JP Morgan Securities Asia, Citigroup Global Markets Singapore and Standard Chartered Bank (Singapore), as the initial purchaser, on the US and Indian legal aspects, respectively.
Shardul Amarchand Mangaldas has also advised on the deal involving the acquisition of complete control and total ownership of Royal Netra Constructions. The deal involved the acquisition of Royal Netra Constructions by Man Infraconstruction (MIC), Platinumcorp Constructions (PC) and Eversmile Construction (EC), resulting in MIC, PC and EC acquiring rights over a prime land parcel located in Goregaon to develop a real estate project having a potential to generate a revenue of Rs40 billion (US$481m). The transaction also encompassed the formalization of acquirers inter se arrangements and project debt restructuring. Partner Bhoumick Vaidya led the firm’s team in the transaction.
Trilegal has advised PG Electroplast on its qualified institutions placement of equity shares aggregating to Rs5 billion (US$60m). An established manufacturer for consumer durables in India, PG Electroplast provides end-to-end solutions across the entire value chain of the products it supplies to customers, which include more than 50 leading domestic and international brands. The investment was anchored by various marquee investors, including the Government of Singapore, Societe Generale, Nippon India and Pinebridge Global Funds. The book-running lead managers to the QIP were JM Financial and PhillipCapital (India). Partner Richa Choudhary led the firm’s team in the transaction.
TT&A is advising DFC on its loan facility, via an external commercial borrowing, of up to US$7.93 million to Leap Agri Logistics (Balurghat) for the construction of a 50,000 metric ton grain silo storage complex and associated railway siding, in accordance with concession agreement executed by the borrower with Food Corporation of India (FCI). Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
TT&A has also advised SIAP (Carraro) on setting up a joint venture with Bhavani Holdings (India). The JV set up is to design, develop, test, validate and manufacture synchronizer assemblies for off-highway application, and thereby to increase the product’s range and quantity and ensure production in order to at least cover the whole of Carraro’s requirements for such components, as well as break into Carraro’s reference market by supplying the product to third parties. Partners Feroz Dubash and Pratika Shankar led the firm’s team in the transaction.
