AZB & Partners has advised HSBC Securities and Capital Markets (India), as the brokers, on the offer for sale undertaken for 37.5 percent of the equity share capital of Wendt India. The offering, which aggregated to approximately Rs606 million (US$7.1m), is one of the first that was undertaken for a complete promoter exit. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on May 16, 2025.
AZB & Partners has also advised Tata AutoComp Systems on its agreement with Katcon to each acquire 50 percent stake in a company. This company will manufacture advanced composite materials, and will produce lightweight components for passenger and commercial vehicles, agricultural tractors, off-road vehicles and non-automotive segments. Both parties are contributing operational assets, such as intellectual property, software and proprietary know-how, infrastructure and human resources, to this joint venture company. Along with these operational assets, Tata AutoComp will contribute technology and customer relationships, while Katcon will provide operational expertise, regulatory knowledge and local execution capabilities. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction, which was completed on May 14, 2025.
Moreover, AZB & Partners has advised Samsung Electronics on its Rs141 billion (US$1.65b) acquisition from Triton Advisers of FlaektGroup, including its Indian entity FläktGroup India. Partners Alka Nalavadi and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on May 14, 2025 and is yet to be completed.
Baker McKenzie has advised Global Infrastructure Partners (GIP), a part of BlackRock, on forming a strategic partnership with Charoen Pokphand Group (CP Group) and True Internet Data Center, a major data center operator in Thailand, to upgrade Thailand’s data center infrastructure. The partnership marks a significant milestone in digital infrastructure investment in Thailand for GIP. Baker McKenzie provided comprehensive legal advice on the transaction. Partners Sumet Orsirivikorn and Purachate Manussiripen, supported by partner Papon Kanungvanichakul, led the firm’s team in the transaction.
Dentons Hong Kong has advised Xiamen Jihong on its dual primary listing and the global offering of its H shares in Hong Kong. Xiamen Jihong is also listed in Shenzhen. Headquartered in Xiamen, Fujian, Xiamen Jihong focuses on the Asian market, and it is a leading dual-driven enterprise, primarily engaging in the provision of cross-border social e-commerce and paper packaging solutions. In 2024, Xiamen Jihong ranked first among FMCG paper consumer packaging companies in Mainland China, based on their year revenue, and ranked second among China’s business-to-customer outbound e-commerce players, based on revenue generated through social media e-commerce business in Asia. The joint sponsors and sponsor-overall coordinators of this offering include China International Hong Kong Securities and CMB International Capital. The joint sponsors, together with BOCI Asia, China Galaxy International Securities (Hong Kong), ICBC International Securities and CCB International Capital are the joint global coordinators of this offering. The offering raised gross proceeds of approximately HK$521.5 million (US$66.5m). Capital markets partner and corporate finance head Gordon Ng led the firm’s team in the transaction.
JSA has advised leading agri-tech and food-focused venture capital firm Omnivore on Farmley’s US$40 million Series C funding round led by global consumer-focused investment firm L Catterton. Farmley is a fastgrowing direct-to-consumer (D2C) snacking brand. The funding round included both primary and secondary components, and saw participation from existing investors DSG Consumer Partners and BC Jindal Group. Partner Siddharth Mody, supported by partner Rohan Kumar, led the firm’s team in the transaction.
JSA has also advised IIFL Capital Services, as the lead manager, on the rights issue of Fusion Finance (formerly known as Fusion Microfinance), involving up to more than 61 million partly paid-up equity shares aggregating to approximately Rs8 billion (US$94m). The Letter of Offer was filed on March 29, 2025, and the issue closed on April 25, 2025. A non-banking financial company, Fusion Finance is a microfinance institution focused on providing financial services to underserved and unserved women in India with household incomes of up to Rs300,000.00 (US$3,526.43). Partner Madhurima Mukherjee Saha, supported by partner Anuj Pethia, led the firm’s team in the transaction.
Moreover, JSA has advised Client Associates Alternate Fund on its investment, together with RPSG Capital Ventures Fund and Eternal Emerging Enterprises Fund, on Miraggio Lifestyles Series A funding round. The transaction saw Miraggio raise approximately Rs550 million (US$6.45m) from the three institutional investors. Miraggio is a D2C fashion handbag and accessories brand that retails women handbags, backpacks, laptop bags and accessories through various online and offline channels, including its own exclusive brand outlets and channel partners, under the brand name of Miraggio. Partner Lalit Kumar, supported by partner Amandeep Singh Virk, led the firm’s team in the transaction.
Latham & Watkins has advised the initial purchasers on the upsized offering pursuant to Rule 144A under the US Securities Act of US$600 million in aggregate principal amount of convertible senior notes due 2030 by Bilibili, a leading video community for young generations in China. Concurrently with the Rule 144A offering of the notes, Goldman Sachs & Co and Morgan Stanley Asia, each acting severally on behalf of itself and its affiliates as underwriters, offered, in a separate SEC-registered offering, approximately 10.3 million shares of Bilibili’s Class Z ordinary shares borrowed from third parties, to facilitate hedging transactions by some of the initial investors in the notes. Hong Kong corporate partner Posit Laohaphan, supported by Hong Kong partners Benjamin Su and Mandy Wong and New York partner Elena Romanova, led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Kiranakart on its cross-border amalgamation with its wholly-owned subsidiary incorporated in India, Kiranakart Technologies (KT), via a scheme of arrangement pursuant to the Companies Act 1967 of Singapore. The scheme resulted in all property and liabilities of Kiranakart being transferred to and vested in KT, with Kiranakart’s shareholders becoming shareholders of KT. This transaction is the first completed cross-border merger between a Singapore-incorporated company and a foreign-incorporated entity utilising this structure. M&A partners Evelyn Wee, Hoon Chi Tern and Jasselyn Seet, supported by senior partner Lee Eng Beng and partners Sim Kwan Kiat, Raelene Pereira and Cherie Tan from the restructuring & insolvency practice, led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Garcha Satinder Singh on the S$80 million (US$62.3m) sale of the property situated at Duxton Road, Singapore and known as “Duxton Reserve” to Lotus One Investment, via sale of the entire issued and paid-up share capital of SG Hotels, the registered proprietor of the property. The property is a luxury heritage boutique hotel operating out of eight conservation shophouses, and franchised under Marriott International’s Autograph Collection brand. Senior partner Norman Ho and partners Gazalle Mok and Melvin Tan from the corporate real estate practice, supported by M&A partner Loh Chun Kiat, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised ICICI Bank on the extension of a project finance term loan facility of Rs5.1 billion (US$60m) to Ceigall Ludhiana Bathinda Greenfield Highway for the development of a six-lane greenfield highway between Ludhiana and Bathinda in Punjab, India. The project is being developed under a concession agreement with the National Highways Authority of India (NHAI). NHAI is also providing additional financial support, via a grant covering 40 percent of the bid project cost (excluding GST). Partners Soummo Biswas and Dnyanraj Desai led the firm’s team in the transaction, which was signed on May 15, 2025.
Shardul Amarchand Mangaldas & Co has also represented Bajaj Group entities Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons on securing unconditional approval from the Competition Commission of India for their proposed acquisition of 26 percent stake of each of Bajaj Allianz Life Insurance Company (BALIC) and Bajaj Allianz General Insurance Company (BAGIC) from Allianz. The transaction also involves the proposed acquisition by Bajaj Finserv of 50 percent stake in Bajaj Allianz Financial Distributors (BAFD) from Allianz. The Bajaj group consists of various companies that offer an extensive range of products and services across India. Set to be one of the largest and most significant transactions in the Indian insurance sector in recent times, the transaction was approved by the CCI in record time. Partners Harman Singh Sandhu, Aman Singh Sethi, Shailaja Lall and Akshay Sachthey led the firm’s team in the transaction.
Skadden has advised Bilibili, a Nasdaq and Hong Kong-listed leading video community for young generations in China, on its upsized offering of US$690 million convertible senior notes due 2030. The transaction was completed on May 23, 2025. The firm has also advised Bilibili on both its US IPO and secondary listing in Hong Kong, as well as on various other matters over the years. Corporate partners Haiping Li, Paloma Wang, Yuting Wu and Jonathan Stone, supported by partners Alec Jarvis (New York), Joseph (Yossi) Vebman (New York) and Kevin Hardy (Chicago), led the firm’s team in the transaction.
TT&A is advising IIFL Capital Services (formerly known as IIFL Securities) and JM Financial, as the book-running lead managers, on Ardee Engineering’s IPO comprising fresh issue for up to Rs5 billion (US$58.8m) and offer for sale by the promoter for up to Rs800 million (US$9.4m). Partner Abhinav Kumar led the firm’s team in the transaction. Trilegal advised Ardee Engineering.
TT&A has also advised LCA Indus, as an existing shareholder in Drools Pet Food, on the proposed acquisition of a minority stake shareholding by Nestle. This follows an earlier investment by L Catterton in June 2023, where the global consumer-focused private equity firm also took a minority stake in Drools. The company will use portions of the investment to expand in a growing market and, pursuant to investment by Nestle, the company has become the first pet food brand unicorn. This marks Nestlé’s first investment in an Indian brand. Partners Sachin Mehta and Swati Chauhan led the firm’s team in the transaction. Cyril Amarchand Mangaldas represented Drools Pet Food and its promoters.
