Deals in brief

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deals

Hain sells Tilda to Ebro

J Sagar Associates (JSA) advised and assisted on the Indian leg of the global sale of the Tilda rice business by the Hain Celestial Group to Ebro Foods.

JSA advised the Hain Group and the Indian leg involved sale of the entire shareholding of the Indian subsidiary.

The Indian leg of the transaction involved the sale of the entire shareholding held by The Hain Celestial Group, Inc. and Hain Frozen Foods UK Limited in THIPL to Ebro. The total deal value of the global transaction is ₹24 billion (US$342 million).

The JSA team included partners Sidharrth Shankar and Prakriti Jaiswal and associates Srishti Moitra and Aman Bhatia. DLA Piper was the overseas counsel for the Hain Group.

Xander buys office park

Real estate private equity firm Xander Investments, through its Singapore affiliates, acquired the Weikfield IT Citi Info Park in Pune from private equity firm New Vernon Capital for ₹9 billion.

AZB & Partners advised Xander Investments and the firm was represented by partners Hardeep Sachdeva and Priyamvada Shenoy, and senior associate Shivang Sargoch.

The office park is located in the Viman Nagar area, spans more than 1 million square feet, and houses well-known companies such as Maersk and WNS.

BharatPe Series C funding round

Resilient Innovations, which operates digital payments aggregator BharatPe, raised US$50 million in its series C round of investment.

The funding round saw the participation of Steadview Capital and Ribbit Capital, as well as existing investors Sequoia Capital, Beenext Capital and Insight Partners.

Antares Legal represented BharatPe and the firm’s role involved deal structuring, drafting and negotiation of deal documentation and other advisory services. The Antares team comprised of founding partner Siddharth Bhavnani and senior associate Surbhi Kothiala, while lawyer Surbhi Gupta provided regulatory inputs and support.

Khaitan & Co advised Insight on its investment via subscription to series C compulsorily convertible preference shares. The core transaction team included partner Mayank Singh, principal associate Nidhi Killawala and senior associate Akshay Sharma.

Dreamplug Series B raises US$120m

Mumbai-based fintech startup Dreamplug Technologies raised US$120 million from investors in its series B round. The funding round was led by Ribbit Capital, Gemini Investments, and its existing investor Sequoia Capital. Dreamplug runs the rewards-based credit card payments app, Cred.

IndusLaw advised Ribbit Capital with partners Srinivas Katta and Winnie Shekhar advising on the deal. Themis Associates advised Sequoia and was represented by partner Vinayak Mishra. Khaitan & Co advised Gemini Investments and represented by partners Sharad Moudgal and Sanjay Khan Nagra.

Mahindra, Manulife JV

The Competition Commission of India approved a proposed joint venture between Mahindra Finance and global financial services group Manulife to form an asset management company in India.

As per the agreement, Manulife will invest US$34.9 million in Mahindra Asset Management Company, and $100,000 in Mahindra Trustee Company, following which Mahindra Finance will hold 51% equity in both companies.

AZB & Partners advised Manulife Asset Management (Singapore) and the firm was represented by of counsel Rahul Rai.