Allen & Gledhill has acted as transaction counsel, together with its Malaysia associate firm Rahmat Lim & Partners, to Malayan Banking Singapore Branch (Maybank) on the S$200 million (US$149m) Islamic term facility extended by Maybank to Multi Wealth (Singapore), based on the Shariah concept of Murabahah (via a Tawarruq arrangement). Multi Wealth is a wholly-owned subsidiary of IOI Properties Group. The facility is to finance, among others, its equity investments in connection with a real estate development in Singapore. Partner Aloysius Ng, with partner Kelvin Loh of Rahmat Lim & Partners, led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the Series Pre-A extension round investment in Tessaract.io, a Singapore-headquartered, cloud-based, business management software that automates work processes, and helps companies track and manage various workflows, such as project tasks, sales leads, customer relationships and accounting. Partner Nicholas Soh led the firm’s team in the transaction.
Moreover, Allen & Gledhill, has acted as transaction counsel to venture capital firm Wavemaker Group on leading a series seed round investment in Tiger Energy, which owns the first and largest battery swapping network in Bangladesh with end-to-end production and recycling capabilities, providing energy solutions for various industries, such as automotives and manufacturing. Partner Nicholas Soh also led the firm’s team in the transaction.
AZB & Partners is advising KKR & Co on the approximately Rs80 billion (US$966m) acquisition, via KKR fund North America Fund XIII, of the global Engineering Solutions business of S&P Global and the acquisition of the Indian Engineering Solution assets, through KKR Indian entity Allium Solutions India. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on January 17, 2023 and is yet to be completed.
AZB & Partners is also advising Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on their more than US$50 million acquisition of majority stake in LEAP India. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on August 2, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Mr Pulkit Gupta, as the resolution professional and the Monitoring Committee of Sharon Bio-Medicine, a listed Indian pharmaceutical company, on the corporate insolvency resolution process (CIRP) of Sharon Bio-Medicine. During the CIRP under the Insolvency and Bankruptcy Code 2016, the Resolution Plan submitted by Innova Captab and approved by the National Company Law Tribunal Mumbai Bench was successfully implemented, resulting in the acquisition of 100 percent shareholding of Sharon Bio-Medicine, through its subsidiary Univentis Medicare. The Resolution Plan was approved by the NCLT on May 17, 2023, and the transaction closed on June 30, 2023. Partner Madhav Kanoria led the firm’s team in the matter.
Cyril Amarchand Mangaldas is also advising Ambuja Cement on its acquisition of a majority stake in Sanghi Industries, one of the leading cement manufacturers from western India, at an enterprise value of Rs50 billion (US$604m). Ambuja Cement, which is part of Adani Group, will buy up to 56.74 percent stake in Sanghi Industries from its existing promoter group Ravi Sanghi & family. The firm is also advising on the open offer triggered by the proposed acquisition. Partners Ruetveij Pandya and Jeeta Nayak, supported by partners Atman Desai, Mudit Shah, Avaantika Kakkar (competition law head), Kirthi Srinivas and Vijay Pratap Singh Chauhan, are leading the firm’s team in the transaction, which was signed on August 3, 2023.
JSA has advised Samvardhana Motherson International (SMI) on its acquisition of a 100 percent stake in Rollon Hydraulics for an aggregate purchase consideration of approximately Rs1 billion (US$12m). Through its Precision Metals & Modules business division, SMI is a leading supplier to the automotive and non-automotive industry. Its manufacturing facilities across India and Mexico for precision machining are equipped with state-of-the-art CNC machines and highly customised special purpose machines, supported by surface treatment and metrological measuring facilities. SMI has specialised technology and expertise for precision machining parts with capabilities like turning, drilling, grinding, milling tools and machining, among others. Rollon manufactures, assembles and supplies high precision turned parts, spools and other machined components with critical engineering applications for the Agriculture and Off-Highway segment from its two facilities based out of Bengaluru (India). Joint managing partner Vivek K Chandy and partner Ajay G Prasad, supported by partners Saurya Bhattacharya and Preetha S, led the firm’s team in the transaction.
Khaitan & Co is advising Sanghi Industries and its promoters on the proposed sale of 56.74 percent controlling stake in Sanghi Industries to Ambuja Cements, a part of the Adani Group, at an enterprise value of Rs50 billion (US$604m). The proposed transaction triggers a mandatory tender offer for an additional 26 percent stake in Sanghi Industries. Partner Abhishek Dadoo, supported by senior partner Haigreve Khaitan, executive directors Sudhir Bassi and Bhavin Vora, and partners Anshuman Sakle, Shivanshu Thaplyal, Harsh Parikh, Smita Jha and Mehul Shah, are leading the firm’s team in the transaction.
Khaitan & Co has also advised KGK Realty (India) and Dhoot Infrastructure Projects, as the resolution applicants, on the implementation of their approved Resolution Plan for Sare Gurugram, which was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016. The resolution plan involves payment of approximately Rs2.25 billion (US$27m) to the creditors of Sare Gurugram, along with settlement of claims of Homebuyers. The implementation of the Resolution Plan is likely to have a positive impact for a significant number of homebuyers. Banking & finance, restructuring & insolvency partner Siddharth Srivastava led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Macquarie Asia Infrastructure Fund (MAIF) on the sale of its entire shareholding in Swarna Tollway and Gujarat Road and Infrastructure to Highway Infrastructure Trust (HIT), an infrastructure investment trust owned by global investment firm KKR. Partner Abhishek Parekh, supported by partners Jay Gandhi, Deepto Roy and Aparna Mehra, led the firm’s team in the transaction, which is valued at approximately Rs30 billion (US$362m) and is subject to receipt of relevant approvals and completion of contractual obligations. Allen & Overy advised on English law aspects. Trilegal and Simpson Thacher & Bartlett advised Highway Infrastructure Trust on the Indian law and English law aspects, respectively.
Simpson Thacher is advising KKR on definitive agreements between KKR and LEAP India, a leading pallet pooling platform in India. Under the agreements, funds managed by KKR will acquire a majority stake in LEAP. Partners Ian Ho (Hong Kong-M&A), Makiko Harunari (Hong Kong-credit), Sarah Lindley (London) and Étienne Renaudeau (London/Brussels-antitrust) are leading the firm’s team in the transaction.
Skadden has advised Tokyo-listed Japanese Real Estate Investment Trust Invincible Investment on its offering of 609,792 units for a total offer value of ¥33.8 billion (US$237m). The offering closed on July 31, 2023. Invincible Investment owns, manages and leases primarily hotels and residential properties in Japan. Tokyo partner Kenji Taneda led the firm’s team in the transaction.
