Veritas Legal, Khaitan advise in sale of Lioli Ceramica

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Veritas Legal advised Lioli Ceramica, a Gujarat-based producer of porcelain countertop slabs, and its promoters when they sold a majority stake in the company to Nasdaq-listed Caesarstone.

Khaitan & Co advised Caesarstone – a manufacturer of engineered surfaces based in Israel – while the company’s GC, Ron Mosberg, was the lead lawyer in the deal.

Valued at US$22 million, the deal includes a cash investment of about US$12 million and additional consideration of up to US$10 million upon the achievement of certain milestones.

“Given the timing of the transaction, it is commercially complex and involves multiple tranches, multiple sellers and performance-based milestones,” Veritas Legal partner Nandish Vyas told India business Law Journal.

Veritas Legal’s team also included partner Srabonee Roy and associate Gunasheb Singh.

Khaitan & Co’s team comprised partners Kartick Maheshwari and Deepak Jodhani, and principal associate Kapish Mandhyan.

The deal, which is being seen as the first cross-border strategic deal since the onset of covid-19 in India’s building materials industry, was announced on 31 August and is expected to close later this year.