Cyril for Adani, JSA for Anil Ambani in mammoth $2.65bn Reliance Infra power business buy [UPDATE-1: Luthra for lenders]

Friday, 22 December 2017 By Legally India Corporate M&A

Update 30 August 2018: The deal has closed for a total consideration of $2.65bn, as well as $1.95bn has been used to reduce RInfra’s debt.

Gautam Adani-promoted infrastructure company Adani Transmission has agreed to buy Anil Ambani-promoted Reliance Infrastructure’s power generation and distribution business in Mumbai for Rs 13,251 crore ($2.07bn), reported The Economic Times.

Cyril Amarchand Mangaldas managing partner Cyril Shroff, Bangalore partners Nivedita Rao, Mumbai partners Saurya Bhattacharya and Subhalakshmi Naskar acted for Adani Transmission.

J Sagar Associates (JSA) Mumbai-based co-managing partner Dina Wadia, with retained partner Manav Raheja and associate Ronak Shah, and principal associate Arup Pereira, acted for Reliance Infrastructure. Partner. Update 30 August 2018: The team also included associate Gaurav Matta.

Luthra & Luthra acted as lender’s counsel, according to DNA.

The deal will see Adani Transmissions move into the power distribution business and will be structured as a Rs 13,251 crore upfront payment, as well as Reliance receiving an estimated Rs 5,550 crore in assets and net working capital.

Cyril Shroff’s daughter Paridhi Shroff had married Gautam Adani’s son Karan Adani in 2013.

Cyril Amarchand Mangaldas J Sagar Associates (JSA)Luthra & Luthra L&L Partners

Comments

Alias 22 Dec 2017, 19:02

+5 -7

If it wasn’t for the credit crunch, Reliance would have definitely gone for Luthra.

Star gazing 22 Dec 2017, 22:44

+5 -2

Next time, wear better make up.

Scooter- 30 Aug 2018, 19:56

+1 -0

Reliance ada's or luthra's ?

Femina Miss India 31 Aug 2018, 09:16

I thought the inference to a beauty parade for the pitch was quite obvious!

Dead 10 Sept 2018, 17:00

+0 -0

Luthra charges more than JSA? Joke dude. Luthra is a dying firm

Scooter- 23 Dec 2017, 05:36

+19 -1

quickly change Subhalaxmi to Subhalakshmi before she sees it !

kianganz 23 Dec 2017, 13:11

+4 -0

Thanks, quickly changed :)

Raheja 23 Dec 2017, 09:12

+22 -2

Please cross check the stamp duty again...remember last time?

Taka 23 Dec 2017, 19:18

+0 -1

Wasn't that intentional?

@Taka 24 Dec 2017, 12:28

+3 -1

No ignorance and lack of understanding the law

? 25 Dec 2017, 11:28

Hey Kian,

Isn't Nivedita Rao based in Bangalore?

kianganz 27 Dec 2017, 06:42

Thanks, yes, that's correct, have changed.

Guest 26 Dec 2017, 04:07

+1 -2

I request Legally India to follow up on the story below. What are the reasons law firms favour NLUs? What are the stats in terms of NLU vs non-NLU hires?

http://www.livelaw.in/elitism-must-condemned-justice-chandrachud-discrimination-law-firms-graduates-ordinary-law-colleges-read-full-text-speech/

Darkseid 26 Dec 2017, 11:49

+4 -1

At this point, even though the NLUs are not faring too highly in terms of the standard of legal education offered, they are still simply miles ahead of what the traditional universities are offering. That's the sad truth. But even more of a deciding factor is that the best of students go for NLUs. If in some year, all of them choose for some reason to go to traditional and private universities, that batch will do better than the corresponding NLU batches. Legal research is no longer being properly taught at most of the universities across the country. At least the top tier NLUs do provide some sort of training in that, together with the opportunity to spend time alongside bright peers.

For kian 26 Dec 2017, 14:42

Kian, why no story on chambers and partners rankings?

Big Chamber of Partner 30 Aug 2018, 13:17

what story?

Sagar Bhai 27 Dec 2017, 08:29

+1 -1

Well done Manav and team. An amazing year for you and your team.

Jyoti S 27 Dec 2017, 18:07

+0 -2

Hahaha....majak accha karlete hoo bhai

Sagar bhai 29 Dec 2017, 02:33

Its unfair to question someone who has closed such a big deal, no?

Relevance! 27 Dec 2017, 11:48

+1 -6

Why is a matrimonial alliance of relevance in reporting a commercial transaction? Is that a suggestive?

yes 27 Dec 2017, 13:23

+28 -3

yes.. thats why adani goes to CAM..

CAMchor 29 Dec 2017, 12:27

+6 -5

...and pays them peanuts. CAM must have got 30L for this transaction tops?

Question for Kian 30 Aug 2018, 14:29

Kian - can you do a write-up on the Berkshire - Paytm deal. Want to know which Indian firm (if any) acted as counsel to Berkshire Hathaway. Thanks.

kianganz 30 Aug 2018, 17:06

Thanks, have now covered - it's locked for subscribers only for the next few hours, but should be live by tomorrow morning :) If you privately message me, will be happy to share.

[img]https://www.legallyindia.com/images/uploads/20180830-170513.jpg[/img]

Question for Kian 31 Aug 2018, 00:44

+2 -0

Thanks, Kian - appreciate it.

CAMie 30 Aug 2018, 15:38

Why CAM Ahmedabad Office not involved?

Notamdavadi 30 Aug 2018, 16:45

CAM ahmedabad office is not used for important stuff like this deal. Probably used as inhouse team by Adani for more run of the mill stuff. Their Ahmedabad office is basically maintained for Adani's regular work.

Insider 30 Aug 2018, 19:58

Cam has two offices. One does captive Adani work and one is a regular office. The captive one I must say does cutting edge projects work.

anoneemuz 31 Aug 2018, 06:14

Would be great if you could share Luthra team details too.

BB Fan 31 Aug 2018, 09:41

Barandbench Has it.

Geewhiz 31 Aug 2018, 13:39

Luthra who?

curious cow 4 Sept 2018, 12:28

was this transaction run only by CAM partners.. no mention of associates.. not important enough??

Commenting is closed for this article.