Private equity and venture capital

French luxury fashion brand private equity fund L Capital bought equity worth Rs 75 crore** in Indian retailer of international fashion brands Genesis Luxury Fashion and GLF Lifestyle Brands GLF and GLF Lifestyle Brands: Amarchand Mangaldas Mumbai partner Tushar Mavani L Capital: J Sagar Associates (JSA)** Mumbai partner Akshay Chudasama, Manisha Kumar, Roopal Kulsrestha. The firm has now acted for the second time for L Capital, which also uses AZB Delhi on deals.

The world’s largest economic-inclusion-focussed insurance investor LeapFrog’s subsidiary Inclusion Resources bought 15 per cent stake in Mahindra & Mahindra Financial Services (MMFS) subsidiary Mahindra Insurance Brokers (MIB) for Rs 80 crore ($15m) MMFS and MIB: Khaitan & Co Mumbai partner Bhavik Narsana Inclusion Resources: Amarchand Mangaldas Bangalore partner Arjun Lall

England-based mid-market private equity investor Gresham backed UK digital corporate communications provider Investis limited with Rs 260 crore in a management buy-out from Investis’ existing shareholders Gresham: Khaitan & Co Bangalore partner Rajiv Khaitan and UK law firm Burges Salmonpartner Mark Shepard

Capital markets British food processing company Amira Nature Foods issued a Rs 480 crore ($90mn) initial public offering (IPO) on the New York Stock Exchange. UBS Investment Bank, Deutsche Bank Securities, Jefferies & Company and KeyBanc Capital Markets were the issue underwriters. Amira India: Amarchand Mangaldas Delhi partner Prashant Gupta with principal associate Aarti Joshi and senior associate Manjari Tyagi, and US law firm Loeb & Loeb Underwriters: Luthra & Luthra Delhi partner Madhurima Mukherjee with associates Raghvendra Singh and Koushik Prasad, and Skadden Arps, Slate, Meagher & Flom Leading Indian financial news portal India Infoline’s NBFC subsidiary India Infoline Finance issued a Rs 500 crore ($92.25m) IPO of unsecured redeemable non-convertible debentures India Infoline: Khaitan & Co Mumbai partner Vibhava Sawant

India’s largest thermal power producer NTPC issued a medium term note programme for $2bn. The Royal Bank of Scotland, Barclays Bank, Citigroup Global Markets, and Deutsche Bank Singapore were the lead managers NTPC: Amarchand Mangaldas Mumbai partner Niloufer Lam Lead Managers: Allen & Overy

Competition

Cement company OCL Limited was cleared of cartelisation charges by the Competition Commission of India (CCI) during the investigation stage OCL: Khaitan & Co Delhi partner Manas Kumar Chaudhari

Japan-based international leasing company Century Tokyo Leasing Corporation (CTLC) won the CCI’s approval to acquire joint control of RBI-registered core investment company Tata Capital Financial Services and its wholly owned subsidiary Tata Capital CTLC: Amarchand Mangaldas Mumbai partner Nisha Kaur Uberoi, and Anderson Mori & Tomotsune (on the M&A)

US-private equity fund Bain Capital Partners affiliates won CCI approval for buying 30 per cent stake for $1m in business process management company Genpact from affiliates of investors General Atlantic and Oak Hill Capital Partners Bain Capital: Amarchand Mangaldas Mumbai** partner Nisha Kaur Uberoi and Delhi partner Naval Chopra Amarchand Mangaldas Mumbai, Nishith Desai & Associates, Ropes & Gray Boston, Cravath Swaine & Moore, Paul Weiss, and others had acted on the corporate aspects of the transaction [Legally India] {}

Corporate/M&A and joint ventures

Government of India’s statutorily established Tobacco Board entered into a master service agreement with IT implementation company NIIT Technologies for an e-auction project by NIIT for procurement of tobacco Tobacco Board: Khaitan & Co Bangalore partner Abhilekh Verma

International social media marketing solutions provider Syncapse bought the Indian arm of Delaware, US-based online advertising solutions provider Clickable Syncapse: Khaitan & Co Delhi partner Bharat Anand with executive director Daksha Baxi Clickable: ARA Law Arvind V Gurumurthy

Service provider to olfactories CR Asia bought 40 per cent stake in the Mumbai-based Contract Resources Petrochem Services from intercontinental express delivery service Skynet Worldwide Express, making it CR Asia’s wholly owned subsidiary CR Asia: J Sagar & Associates Mumbai partner Sandeep Mehta and senior associate Neha Bhatia Skynet Worldwide Express: Rajani Associates senior associate Amish Shroff

Ahmedabad-based Indo-US poultry vaccine maker Hester Biosciences bought Delhi-based large-animal health products marketing company Innoves Animal Health Hester Biosciences: HSA Advocates partner Aparajit Bhattacharya with partner designate Harvinder Singh, senior associate Sumedha Dutta and associate Devika Chadha Innoves Animal Health: In-house

Diversified financial services group Religare’s arm Religare Securities sold 49 per cent of its stake in Religare Asset Management and Religare Trustee Company to leading global asset management firm Invesco’s Hong Kong subsidiary Invesco Hong Kong Religare: Amarchand Mangaldas Mumbai partners Ashwath Rau and Aysswarya Murthi Invesco: AZB & Partners
British high-street retail chain Woolworths sold off its Indian arm Woolworths Wholesale (India) to Tata Sons’ consumer durables trader Infiniti Retail which operate the “Croma” branded Indian retail chain Woolworths Limited: Amarchand Mangaldas Mumbai partners Ashwath Rau and Aysswarya Murthi Tata Sons and Infiniti Retail: AZB & Partners

IDBI Capital Markets advised the Department of Financial Services in the Ministry of Finance on the conversion of its loan of Rs 523 crore to IFCI IDBI Capital Markets: Khaitan Sud & Partners partner Tanuj Sud, principal associates Deepak Khurana and Sujeet Das and associate Archit Virmani

Leading Indian pharmaceutical company Wockhardt’s group company Merind entered into a management and operation agreement with Fortis Hospitals and Fortis Healthcare Merind: Majmudar & Partners managing partner Akil Hirani

Fortis: Amarchand Mangaldas Delhi partner Ravindra Bandhakavi

Project finance

Exim Bank India lent $4m to Tata’s Singapore subsidiary York Transport Equipment Exim Bank: Majmudar & Partners Bangalore partner Prashanth Sabeshan

Punjab National Bank lent Rs 70 crore to Belgium glassmaker 3B Fiberglass - a member of the Binani group of companies Punjab National Bank: Majmudar & Partners Bangalore partner Prashanth Sabeshan

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