AZB & Partners has advised Avaada Ventures on the US$1 billion acquisition of stake by Brookfield affiliate India Renewables Opportunities Fund-Scheme III in Avaada Ventures. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 29, 2023.
AZB & Partners has also advised Integral Investments South Asia VIII, a Bain Capital entity, on the acquisition by HL Terminal Holding, a wholly-owned subsidiary of Hapag-Lloyd Aktiengesellschaft, of a 35 percent stake in J M Baxi Ports & Logistics from Integral Investments South Asia VIII. Partners Qais Jamal and Gaurav Bansal led the firm’s team in the transaction, which was completed on April 19, 2023.
Moreover, AZB & Partners is advising TPG Capital on the acquisition by TPG SG Magazine in Manipal Health Enterprises from the promoters. Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Bharat Budholia are leading the firm’s team in the transaction, which was signed on April 6, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Barclays Bank, DBS Bank, MUFG Securities Asia, State Bank of India (London Branch) and Standard Chartered Bank, as the dealers, on REC’s US$750 million issuance of 5.625 percent green bonds with a five-year maturity under its existing US$7 billion global medium term note programme via note offering circular dated April 3, 2023. The issuance, which is REC’s first overseas bond issuance in two years, represents the largest senior US$ tranche by an Indian NBFC, and the largest senior green bond tranche by a South/ South-East Asian issuer. The notes are listed at the India International Exchange and the NSE IFSC, and the listing was completed on April 4, 2023. REC will apply the net proceeds from the issuance to finance the new or existing power, logistics and/or infrastructure projects in India in renewable energy category, or clean transportation category or other categories, as described in REC’s green finance framework, in accordance with the approvals granted by the RBI from time to time and in accordance with the ECB Guidelines. Northern region markets head partner Gokul Rajan led the firm’s team in the transaction, while Linklaters Singapore acted as international counsel. Allen & Overy (Asia) acted as international counsel for REC.
Cyril Amarchand Mangaldas has also advised Coca-Cola India on the acquisition of a 15 percent minority stake in Hashtag Loyalty (Thrive), a Mumbai-based food-tech company that offers a modern ordering system for restaurants to set up their direct ordering platform. Thrive has also launched beta version of its discovery platform and consumer application that offers customers a unique food discovery and ordering experience. Currently, over 14,000 restaurants across 80 cities in India use Thrive. M&A head partner Akila Agarwal and partner Mukul Sharma, supported by partners Arun Prabhu and Anirban Mohanpatra, led the firm’s team in the transaction.
Simpson Thacher has represented Advantage Partners on the formation of the AP VII Series Funds, a ¥130 billion (US$955m) Japan-focused buyout fund series. The AP VII Series Funds, which were oversubscribed, are the seventh series of Japan-focused buyout funds managed or served by Advantage Partners. Partners David Azcue (Tokyo), Adam Furber (Hong Kong), Nancy Mehlman (New York), Makiko Harunari (Hong Kong), Owen Lysak (London) and Rony Rothken (New York) led the firm’s team in the transaction.
WongPartnership has acted for Raffles Group in Singapore court proceedings commenced against Educomp founder Shantanu Prakash and Singapore lawyer Dennis Lui for loss and damages, arising from the individuals’ alleged conspiracy to injure the Raffles Group through, among others, making fraudulent misrepresentations which induced the Raffles Group to take substantial investment steps in respect of its business interests in the Indian education sector. Partners Wendy Lin and Monica Chong Wan Yee led the firm’s team in the matter.
WongPartnership has also acted for Keppel Corporation on the issuances by Rigco Holding of vendor notes and perpetual securities to a subsidiary of Keppel Corporation. Partners Hui Choon Yuen and Ho Soon Keong led the firm’s team in the transaction.