Allen & Gledhill has advised a key investor on the US$110 million investment in SILQ Group, which was formed through the merger of ShopUp, Bangladesh’s biggest full-stack B2B commerce platform, and Sary, a B2B marketplace and services platform in the Arabian Gulf. The formation of SILQ Group brings together the Arabian Gulf and Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region and across the globe. Partners Nicholas Soh, Eugene Ho and Aaron Lee led the firm’s team in the transaction.
AZB & Partners is advising BLAST and its wholly-owned subsidiary BLAST Esports on its agreement with RISE, a wholly-owned subsidiary of Reliance, to each acquire a 50 percent stake in an Indian company, which focuses on organizing virtual and real eSports tournaments, nurturing eSports talent and creating career opportunities for eSports gamers in India. The JV also intends to set up centers of excellence to engage in remote production for eSports tournaments and events. Both parties are contributing operational assets, such as intellectual property, software, proprietary know-how, infrastructure and human resources, to the JV company. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on March 20, 2025 and is yet to be completed.
AZB & Partners has also advised Wind Point Partners on its acquisition of Sigma Companies International, including its Indian subsidiary Sigmaflow Production Solutions (Sigma India). Partners Ashwath Rau and John Raghav led the firm’s team in the transaction, which was completed on March 28, 2025.
Moreover, AZB & Partners is advising Murugappa group company Coromandel International on its Rs15 billion (US$177m) acquisition of NACL Industries. Partners Darshika Kothari, Kunal Kumbhat, Abhilash Chandran, Kritika Agarwal and Bharat Bhudolia are leading the firm’s team in the transaction, which was signed on March 12, 2025 and is yet to be completed.
Johnson Stokes & Master (JSM) has acted for Hongkong Land Holdings on its agreement with the Hong Kong Exchanges and Clearing (HKEX) to establish HKEX’s permanent headquarters at One Exchange Square. A landmark deal with a total investment of HK$6.3 billion (US$812m), the transaction involves HKEX’s acquisition of premium office floors (specifically the top nine floors) and additional spaces at One Exchange Square, as well as long-term leases at Two Exchange Square. This transaction marks a significant milestone for Hongkong Land, HKEX and Hong Kong, representing one of the largest commercial office deals in recent years. Real estate partner FK Au, supported by partner Cherie Leung, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised NIIF Infrastructure Finance on the Rs2.2 billion (US$26m) term loan facility to Lalganj Power for refinancing a 59.69 MWAC / 88.06 MWDC group captive solar power project established at Saharanpur District, Uttar Pradesh. Partner Anurag Dwivedi led the firm’s team in the transaction, which was signed on March 21, 2025.
Shardul Amarchand Mangaldas & Co has also advised REC on the Rs85.36 billion (US$1b) term loan facility granted to Greenko KA01 IREP to set-up and implement a storage project, along with related evacuation infrastructure, in the State of Karnataka. This financing is one of largest funding in this sector, boasting a significant capacity of up to 1600 MW. Partner Anurag Dwivedi also led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised HDFC Bank on the Rs5.57 billion (US$66m) term loan facility granted to Agrawal Metal Works to set-up and implement a greenfield project at Bhagapura, Gujarat for manufacturing flat-rolled products of copper and copper-based alloys. This is one of the few large-scale financings undertaken for a metal works project, which is being implemented with a capacity of 3100 TPM, in the State of Gujarat. Partner Anurag Dwivedi also led the firm’s team in the transaction, which was signed on Fevruary 28, 2025.
S&R Associates has represented global private equity firm Cerberus Capital Management on the Indian aspects of a growth investment in Aquatech International, a provider of water purification and process technology solutions. Partner Sudip Mahapatra, supported by partners Avikshit Moral, Ajinkya Gunjan Mishra and Sumit Bansal, led the firm’s team in the transaction.
Trilegal has acted as Indian counsel, alongside Paul Hastings as global counsel, to global private equity firm HIG Capital on its strategic investment, via one of its affiliates, in GetixHealth, a provider of revenue cycle management solutions for healthcare providers. Partners Sibani Saxena, Parvathy Tharamel, Komal Dani and Jyotsna Jayaram led the firm’s team in the transaction.
