Allen & Gledhill has advised venture capital firm Cercano Management Asia on the US$2 million Series A fundraising round in Heli Care, the Singapore-based holding company of Heli Care Joint Stock Company, a Vietnam-based clinic chain which provides private family doctor services to deliver convenient and personalised healthcare. Partner Nicholas Soh, supported on Vietnam law issues by Allen & Gledhill (Vietnam) partners Oh Hsiu-Hau and Tran Ngoc Hoang Phuong, led the firm’s team in the transaction.
AZB & Partners has advised KKR India Financial Investments on its sale of stake in InCred Holdings (formerly known as KKR Capital Markets India), to InCred Wealth & Investment Services. Partner Roxanne Anderson led the firm’s team in the transaction, which was completed on December 5, 2024.
AZB & Partners has also advised Royce Asia Holdings II on its acquisition of stake in Rebel Foods. Partners Roxanne Anderson, Nishanth Ravindran, Nandan Pendsey and Bharat Budholia led the firm’s team in the transaction, which was completed on December 19, 2024.
Moreover, AZB & Partners is advising Delta Manufacturing on the acquisition of 50 percent shareholding by Premo in MMG Ferrites, a wholly-owned subsidiary of Delta Manufacturing. Partners Ashwath Rau and Aditya Alok are leading the firm’s team in the transaction, which was signed on December 19, 2024 and is yet to be completed.
Clifford Chance has advised Goldman Sachs and Huatai Financial, as the joint sponsors and underwriters, on Bloks Group’s IPO and listing in Hong Kong. The IPO received substantial investor interest, ranking as one of the top three most oversubscribed, in terms of margin subscription, in the history of Hong Kong’s capital markets. Bloks Group is a leading manufacturer of assembly character toys in China. Leveraging its portfolio of more than 500 patents, in-house IP development capability and cooperative relationships with approximately 50 renowned IP franchises on a non-exclusive basis, Bloks Group provides consumers with a wide range of affordable assembly character toys, and has achieved rapid growth.
JSA has successfully represented Tata Power Renewable Energy, Renew Power and Continuum Green Energy before the Maharashtra Electricity Regulatory Commission (MERC) on proceedings initiated by the Maharashtra State Electricity Distribution Company (MSEDC) for retrospective reduction in tariff of Wind Generators in Maharashtra. This was yet another attempt by the state distribution licensee seeking retrospective, unilateral reopening of concluded contracts. By its order dated December 31, 2024, MERC dismissed MSEDC’s petition by holding, inter alia, that: 1) MSEDC’s petition is barred by res judicata, since the reliefs sought by MSEDC have already been rejected previously; 2) The relief sought by MSEDC amounts to converting generic tariff to project specific tariff, which is impermissible; and, 3) MSEDC wants reworking of CUF determined under RE Tariff Regulations 2010 and RE Tariff Regulations 2015. Regulations do not provide for reworking of CUF parameters, without input from C-Wet/MNRE or in absence of data. In any case, the regulations relied on have been repealed and are no longer in operation. The ruling serves to inspire investor confidence, since it underscores sanctity of tariffs and concluded contracts. It further recognizes that legal issues, once settled, cannot be reopened. Partner Abhishek Munot, supported by partner Kunal Kaul, led the firm’s team in the matter.
JSA is also advising Fujiyama Power Systems, a manufacturer of products and a solution provider in the roof-top solar industry (including solar panels, inverters and batteries), on its proposed IPO, comprising a fresh issue of up to Rs7 billion (US$81m) and an offer for sale of up to 20 million equity shares by certain promoters. Motilal Oswal Investment Advisors and SBI Capital Markets are acting as the book-running lead managers for the IPO. Partners Madhurima Mukherjee Saha and Anuj Pethia are leading the firm’s team in the transaction.
Moreover, JSA has advised Hero MotoCorp on extending its existing collaboration with Harley-Davidson Motor, which aims to expand the X440 motorcycle into new variants, and to develop and manufacture a new motorcycle for domestic and select international markets. The firm had also previously advised Hero on its collaboration with Harley-Davidson, which has been in place since October 2020. Partner Venkatesh Raman Prasad, supported by partners Ronak Ajmera and Shivani Chugh, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Carraro India and Carraro International on the IPO of equity shares aggregating to Rs12.5 billion (U$144m) by Carraro India, comprising an offer of sale of equity shares by Carraro International. A leading independent tier 1 solution provider of axles, transmission systems and gears for agricultural tractors and construction vehicles, Carraro India exemplifies the innovative strides within its industry. The firm also advised Carraro India on the consolidation of value prior to the IPO, which involved the acquisition of another Indian entity (Carraro Technologies India) in the Carraro group from Carraro International. Axis Capital, BNP Paribas and Nuvama Wealth Management acted as the book-running lead managers for the IPO. Partners Nikhil Naredi, Rohit Tiwari, Mithun Thanks, Kaustubh Verma and Gouri Puri led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for Keppel Infrastructure Fund Management on the S$323 million (US$236m) acquisition by Keppel Infrastructure Trust (KIT) of a 50 percent equity interest in Marina East Water (MEW) that entitles KIT to the entire economic benefit from MEW, which owns the Keppel Marina East Desalination Plant. M&A partners Chia Kim Huat and James Chan, along with partners Shemane Chan (construction & projects), Loh Yong Hui (construction & projects), Chou Ching (corporate real estate) and Ho Mei Shi (banking & finance), led the firm’s team in the transaction.
Rajah & Tann Singapore is also acting for Aelios on its mandatory conditional cash offer for Singapore-listed Suntec Real Estate Investment Trust. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction.
Trilegal has acted as Indian counsel, along with Dechert as global counsel, for the ad hoc group of secured lenders to Tupperware Brands on the Indian law aspects of the acquisition of global rights to the Tupperware brand and its operations. The transaction involved a Chapter 11 case of Tupperware Brands and its subsidiaries filed in Wilmington, Delaware, which included an acquisition of global rights to the Tupperware brand, intellectual property and its operations in key markets, pursuant to a sale authorized under section 363 by the Delaware Bankruptcy Court (United States) by an ad hoc group of secured lenders to Tupperware Brands. Partners Sibani Saxena, Harsh Jain, Apeksha Mattoo, Komal Dani, Samsuddha Majumder, Rahul Arora, Jyotsna Jayaram, Gautam Chawla, Siddharth Ranade and Sampath Kumar led the firm’s team in the transaction.
Trilegal has also acted as transaction counsel on the issuance on a private placement basis of Indian rupee-denominated listed and unsecured non-convertible debentures aggregating Rs14 billion (US$162m) by ICICI Prudential Life Insurance, one of the leading life insurance companies in India registered with the Insurance Regulatory and Development Authority of India. The transaction required adherence with all IRDAI regulations governing the issuer and the revised SEBI regulations for listing of the NCDs. Banking and finance partner Joseph Jimmy led the firm’s team in the transaction.
Moreover, Trilegal has advised on the IPO of equity shares, aggregating to Rs5 billion (US$58m) by Concord Enviro Systems, a global provider of water and wastewater treatment and reuse solutions, including zero liquid discharge technology. The proceeds of the IPO are proposed to be used for financing capital expenditure requirements for projects, plant and machinery, prepayment or repayment of certain outstanding borrowings, funding working capital requirements, investment in a joint venture, investment in technology and other growth initiatives for access to new markets, and general corporate purposes. The IPO also provided a partial exit to GEF Capital, an investor in Concord. The equity shares were listed on the bourses, and saw an approximately 18 percent listing premium. The book-running lead managers comprised of Motilal Oswal Investment Advisors and Equirus Capital. Capital markets partner Richa Choudhary led the firm’s team in the transaction.
TT&A is advising Motilal Oswal Investment Advisors and SBI Capital Markets on an IPO of Fujiyama Power Systems, comprising of primary issue of up to US$81.68 million and an offer for sale of up to 20 million equity shares. Fujiyama Power Systems is a Delhi-based manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems, and has created a complete ecosystem in the roof top solar industry. Partner Abhinav Kumar led the firm’s team in the transaction. JSA represented Fujiyama Power Systems.
TT&A is also advising IFC and certain other investors on their subscription to unsecured, unlisted green bonds aggregating to a principal amount of the NPR equivalent of up to US$60 million to be issued by NMB Bank, a bank incorporated in Nepal. The proceeds of the bonds will be utilized towards loans to be provided by the issuer for financing climate-related activities, such as renewable energy projects, electric, hybrid or plug-in hybrid transport etc. This green bond issuance is the first by any institution in Nepal. This issuance is also the first bond issuance in Nepal, which will be subscribed by foreign investors. The proposed investment would contribute to developing the long-term debt capital market, along with the climate financing in Nepal. Partners Gautam Saha, Pallavi Meena and Swati Chauhan led the firm’s team in the transaction, while Pioneer Law Associates acted as the Nepal Law counsel for IFC.
Moreover, TT&A has acted as Indian counsel for ADB on its loan facility, via an external commercial borrowing, of up to US$70 million to Vastu Housing Finance. The proceeds of the loan will be used by Vastu to provide finance towards: (i) housing loans; (ii) apartments in buildings certified as Leadership in Energy and Environment Design (LEED) three-star and above or equivalent certification, (iii) individual houses certified under Jan Awas Nirman Green Rating for Integrated Habitat Assessment (JAN GRIHA), with at least two-star rating or a certified green home, or equivalent certification, (iv) energy-efficient equipment or appliances (such as air-conditioning, refrigerators and freezers, ventilation, boilers), and (v) photovoltaic systems (such as rooftop solar or solar water heaters). Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, while Bird & Bird acted as English counsel.
