DSK advises on Essar’s asset sale

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India-real-estate-law

DSK Legal was counsel to Essar Group in its ₹24 billion (US$351 million) sale of Equinox Business Park to Brookfield Asset Management. A team from Shardul Amarchand Mangaldas & Co (SAM) advised Brookfield.

The sale, which closed on 24 April, was described as “among the largest transactions in India’s commercial real estate sector” by Anshuman Ruia, director of Essar Global. It was part of Essar’s efforts to reduce debt by monetizing non-core assets. The proceeds were used to repay lenders, both at an entity and group level.

DSK Legal’s team was led by partner Sajit Suvarna and comprised associate partner Saloni Mody and associate Twara Kamdar. Partner Sagar Kadam and associate Vishesh Karanwal advised on the real estate aspects of the transaction.

Mody told India Business Law Journal that a highlight of the transaction was “structuring it in a manner by which the objectives of the buyer and seller could be met while also safeguarding the interests of the lenders”.

Partner Jay Gandhi led SAM’s team, which included senior associates Deep Jain, Puloma Mukherjee and Nikhil Joseph, and associates Natalee Nanda, Meghna Nachappa, Divya Hazra, Joanna Barretto and MVS Kranthi. Partner Ashoo Gupta and principal associate Daryush Marfatia provided real estate advice while principal associate Mallika Chopra advised on financing aspects.

Equinox Business Park is a four-hectare business park comprising four towers with a leasable office space of about 1.25 million square feet in Mumbai’s Bandra-Kurla Complex area.

With approximately US$285 billion in assets under management, Brookfield Asset Management is co-listed on the New York, Toronto and Euronext exchanges.