Khaitan & Co advised Nuvoco Vistas Corporation, part of the Nirma Group, which made a 100% equity stake acquisition of Kolkata-based Emami Cement, for an enterprise value of ₹55 billion (US$760 million).
“This was a one of a kind cement acquisition deal” Khaitan partner Mehul Shah told India Business Law Journal. “The cement industry is heavily regulated and capital intensive, and hence the number of control deals in this space are minimal.”
The deal was in the form of an open bid and attracted bidders including UltraTech, Ambuja Cement, Shree Cement, Dalmia Bharat Cement and some private equity players.
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