Fox Mandal advised a consortium of three Kolkata-based developers – Sureka Group, Merlin Group and JB Group in buying Singapore-based real estate firm Keppel Magus Development for Rs 140 crore ($23m). Keppel was advised by Khaitan & Co’s Kolkata office.

Fox Kolkata partner Debanjan Mandal senior associate Sourav Bhagat and associates Ravitej Chilumuri and Bhargav Mitra acted for the consortium which paid around Rs 120 crore in cash while the rest of the price was the debt component taken over by it, according to the Hindu Businessline.

Khaitan Kolkata associate partners Arindam Sarkar and Sucharita Basu acted for Keppel on its exit from West Bengal.

Keppel had invested in Bengal’s booming real estate sector just before trouble erupted in Singur and Nandigram in mid-2006, and now exited due to lack of growth options and surmounting local complications, reported the Times of India.