Khaitan, Luthra act on $646m Nippon Life buy-out of its Reliance Cap JV

Thursday, 23 May 2019 By Legally India Corporate M&A

Reliance Capital (Rcap) Thursday said it will exit the mutual funds business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan’s Nippon Life Insurance. Both partners hold 42.88 per cent each in the company, while the rest is with public shareholders.

— The Economic Times

Khaitan & Co advised Nippon Life Insurance Company led by a team of partner Niren Patel, partner Aravind Venugopal, senior associate Yashashree Mahajan, associate Gargi Bohra, executive director Sudhir Bassi, partner Arindam Ghosh, partner Aditya Cherian, , associate Murugaveni Pillai; and associate Nirali Trivedi with support from the following: regulatory and open offer aspects: counsel Soumya Mohapatra, principal associate Navodita Gupta, senior associate Shashank Patil and senior associate Tanish Gupta; due diligence: partner Thomas George; senior associate Nagashayana Srinivasaiah; associate Divya Gupta associate Shwetank Sharma; associate Suman Prabhu; and associate Shivam Arora.

Update 24 May 2019: L&L Partners advised Reliance Capital Limited (RCAP) with a transaction team of partner Deepak THM, managing associate Anshuman Mozumdar and associate Devaditya Chakravarti; partner Bikash Jhawar and managing associate Avinash Subramanian advised on structuring; partner Sundeep Dudeja and managing associate Avisha Gupta advised on regulatory issues; partner Manan Lahoty and partner Manshoor Nazki are advising the client on a proposed offer for sale of the company.

2019-05-23

Deal value: INR 45.21 billion (USD 646 million)

Khaitan & CoL&L PartnersReliance Capital Limited

Comments

Wtf 24 May 2019, 05:31
+4 -4
More power to L&L Partners!
DCE 24 May 2019, 06:16
+1 -4
L&L Partners is making name in a lot of deals for quite sometime now.
Alias 24 May 2019, 07:13
+13 -3
Any guesses where the author(s) of the 2 above comments works?
Well done 24 May 2019, 07:41
+2 -1
They are a 300 lawyer firm (as claimed) and it's ok and not great that they are reported on few deals. It will make them part of top 4 league of corporate firms in India.
Guest 24 May 2019, 09:35
+7 -3
Since we have started Luthra bashing and clearly Luthra PR is posting here right, I just want to understand (I) how different would be scope of work of a "Structuring" partner and a "Regulatory" partner (wouldn't the nuianses of sector required for any person to come up with any structure and if you don't know issues of sector I doubt one can come up with structure , (II) what was the difference in scope of work of (A) capital markets partner (who apparently advised on proposed offer for sale which is the structure that "structuring" partner would have suggested and on which the law would have been provided by the "regulatory " partner (coz no one else in luthra is allowed to read law otherwise)), and (B) transaction partner, when law was provided by regulatory partner, structure was suggested by structuring partner and the offer for sale was managed by capital markets partners. It just funny how law firms create these artificial distinctions to promote itself, its partners and its practice areas but they should at least apply their mind before send these publications.
jfc 24 May 2019, 10:12
+4 -3
Reading your comment gave me a migraine. And can we just take a minute to appreciate how badly you butchered the word "nuances"?

Structuring partner will handle deal structuring, including post transaction structuring for all involved entities. Regulatory partner will obviously handle regulatory challenges such as licensing and exit requirements. Cap marks partner will handle the SEBI aspects of the exit.
Guest 24 May 2019, 13:29
+2 -1
:). Thanks for pointing out typos. [...] Anyways, so no real difference between scope of Manan & Deepak. And it almost feels like there was no need of Bikash because as far as I know Sundeep does the structuring and advises on regulatory aspects. I can understand if Luthra always keep a back up partner on all transactions to give comfort to the client in case the execution partner is not available for any reason but actually writing down that each of them was involved is just wrong if each of them did not contribute in a reasonable manner.
kianganz 24 May 2019, 13:31
+4 -1
I generally think it's pretty nice if law firms give credit to partners or associates who put in some time on a deal (even if it sometimes makes the list a bit unwieldy).
Go home 24 May 2019, 13:15
+2 -2
Just want to check your understanding of how complex deals work, if you've seen any and got confused by the jargon used above. There are specialist Partners from both firms involved on handling different work streams - who are capable of and well versed with 'nuianses' of their respective practice. A jack of all trades can't do more than jack when it comes to such deals. Maybe once you work on any such complex deals, you will be able to better appreciate how all good firms work to ensure efficiency (rather than learning on the job and inflating client costs).
wakeupsid! 27 May 2019, 13:08
+0 -0
I think you have not heard of a phenomenon called "specialization" which is very common internationally and India is in fact catching up. If some firm is building specializations, should it be criticized?
Guest 24 May 2019, 12:35
+6 -7
Devaditya....kudos man! great going indeed...star lawyer of L&L Mumbai!
Devaditya fanclub 24 May 2019, 13:05
+5 -6
I second that. Kudos Dev.
René Higuita 24 May 2019, 17:40
+8 -4
Kuch bhi.
Devaditya fan 2 24 May 2019, 17:43
+5 -7
Well done Dev!
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