Deals in brief

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Heinz sale to Zydus Wellness

Cyril Amarchand Mangaldas acted as the Indian legal counsel to US-based The Kraft Heinz Company’s sale of 100% equity stake of Heinz India Private Limited to Zydus Wellness Ltd.

Heinz India, the maker of Complan, Glucon-D, Nycil and Sampriti Ghee brands, was acquired by Zydus, a unit of Indian pharmaceutical company Cadila Healthcare Ltd. at a valuation of ₹46 billion (US$625 million).

The Cyril Amarchand Mangaldas team was led by Mumbai-based managing partner Cyril Shroff, along with Bengaluru-based corporate partner Nivedita Rao and Mumbai-based corporate partners Ruetveij Pandya and Anchal Dhir. Gibson, Dunn & Crutcher LLP were the international legal adviser to The Kraft Heinz Company and Khaitan & Co. were the legal adviser to the acquirer. with the share purchase agreement being executed on 24 October 2018.

Greenko buys power assets

Linklaters advised Indian renewable energy company Greenko Group on its acquisition of Orange Renewable Holding from Singapore-based financial investor AT Capital Group.

The US$922 million deal is one of the largest portfolio acquisitions of Indian renewable assets including 750 megawatt of solar and wind assets and 250 megawatt of under construction projects across five Indian states including Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan and Maharashtra.

The Linklaters team was led by corporate M&A partner Parthiv Rishi and assisted by associates Tom Gillespie and Robert Ferag.

RIL’s acquisition of DEN Networks

Indian billionaire Mukesh Ambani-owned Reliance Industries (RIL) acquired a controlling interest in listed cable operation Den Networks Limited for ₹23 billion (US$311.5 million).

AZB & Partners was the adviser for RIL on the acquisition. RIL will get a 66% stake in Den Networks, which is one of India’s two largest cable operators and broadband providers. RIL also announced acquisition of a majority stake in Hathway Cable and Datacom Limited, the other top cable and broadband company, for ₹30 billion. Both the deals will also trigger mandatory open offers on the stock exchanges.

AZB was represented by partners Ashwath Rau, Harsh Maggon, Samir Gandhi and Rahul Rai.

Link Legal was the adviser to Den Networks and its promoters. Link Legal was represented by partners Anuj Trivedi and Milind Jha, senior associates  Sanya Haider and Kashish Arora, and associate Varija Khanna.

Monsanto files writ petition

J Sagar Associates advised Nuziveedu Group in a writ petition filed by Monsanto before the Delhi High Court challenging the jurisdiction of the Competition Commission of India (CCI) to investigate the conduct of its office bearers.

In the writ petition, Monsanto challenged the jurisdiction of the CCI and the Director General to investigate the role and conduct of office bearers of Monsanto and primarily argued that any investigation into the conduct of office bearers requires an affirmative finding of violation by an enterprise (Monsanto) under Section 27 of the Competition Act, 2002, by the CCI. Monsanto’s writ petition has been dismissed by the court.

The JSA team comprised partners Amitabh Kumar and Vaibhav Choukse; senior associate Ela Bali and associate Aditya Gupta. JSA briefed senior advocate Jayant Bhushan for this case.

Gaja Capital invests in KOOH

L&L Partners advised private equity firm Gaja Capital in its investment in KOOH Sports Private Limited, a sports education company.

The deal involved both a subscription to securities and a purchase of shares from existing institutional investors – Faering Capital India Evolving Fund, Tata Consultancy Services Limited, and HDFC Holdings Limited.

The L&L team was led by partner Deepak THM, managing associates Vivek Pareek and Anshuman Mozumdar and Devaditya Chakravarti and Soumil Garg assisted in the due diligence of the company and its UAE subsidiaries.

Keppel buys Metro property

IndusLaw advised wholesaler Metro Cash & Carry India Private Ltd in its sale of 7.635 acres in Bengaluru Keppel Puravankara Development Private Limited, a joint venture between Puravankara Limited and Singapore’s Keppel Land. The IndusLaw team comprised partner Navin Syiem, principal associate Nitin Gera, associate Aadhya R Chauhan. Partner Karthik BM provided real estate regulatory support.