AZB & Partners has advised Cognizant Technology Solutions on its Rs35.85 billion (US$431m) acquisition of Thirdera Holdings and its Indian subsidiary Thirdera India. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed in January 2024.

AZB & Partners is also advising HarbourVest Partners (Asia) on its Rs4 billion (US$48m) acquisition, together with other investors, of stake in ShareChat. Partners Divya Mundra and Shivanand Nayak are leading the firm’s team in the transaction, which was signed on March 6, 2024 and is yet to be completed.

Moreover, AZB & Partners has advised Dev Milk Foods on the acquisition of stake in Dev Milk Foods by new investor Fireside Ventures, existing investor Narotam Sekhsaria Family Office, Pi Ventures and other existing individual investors. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction, which was completed on January 5, 2024.

Baker McKenzie has advised Gaw Capital Partners on its partnership with GDS, a leading developer and operator of high-performance data centers in Asia, to build a 40-MW carrier-neutral data center campus in Fuchu, west Tokyo. Through a fund under its management, Gaw Capital has acquired two adjacent data center sites in Fuchu Intelligent Park, a well-established data center cluster less than 30 kilometers from central Tokyo. Spanning a total land size of 10,969 square meters and with IT capacity expected to reach 40 MW, it will be the largest data center facility in Fuchu City, in terms of IT load. GDS has already garnered preliminary customer demands, and the operation is expected to commence by the end of 2026. Hong Kong partner Jason Ng, supported by Tokyo partners Maki Kawamura and Seishi Ikeda, led the firm’s team in the transaction.

Christopher & Lee Ong, member firm of Rajah & Tann Asia, has acted for JWD Asia Holding on the acquisition of a 20.44 percent equity interest in Swift Haulage, Malaysia’s largest container haulage company. JWD Asia Holding is a wholly-owned subsidiary of Thai-listed public company SCGJWD Logistics, one of the largest integrated logistics and supply chain service providers in the ASEAN. M&A partners Yon See Ting and Looi Zhi Min led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised Power Finance Corporation on its Rs56.47 billion (US$678.6m) financing of Greenko AP01 IREP’s 1500 MWAC (2100 MWDC) solar photovoltaic plant connected with central evacuation infrastructure in Pinnapuram, Kurnool District in Andhra Pradesh. IDBI Trusteeship Services acted as security trustee. Partners Ajay Sawhney and Bhupendra Verma led the firm’s team in the transaction, which was completed on March 30, 2024.

JSA has advised Barclays Bank, CLSA, Deutsche Bank Singapore Branch, Elara Capital, Emirates NBD Bank, Nuvama Financial Services (UK) and UBS Singapore Branch, as the joint book-runners, on the offering of US$350 million 9.70 percent senior secured social bonds due 2027 by Indiabulls Housing Finance. Partner Madhurima Mukherjee Saha, supported by partners Mathew Thomas and Shivali Singh, led the firm’s team in the transaction.

Rajah & Tann Singapore is advising Singapore-listed BRC Asia on its disposal of interest in Pristine Islands Investment, which holds a subsidiary undertaking hotel and resort operations and airport management in the Maldives. BRC Asia Group is the largest reinforcement steel solutions provider in Singapore, with manufacturing and storage facilities spanning over 150,000 square meters. Partners Danny Lim and Cynthia Wu led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Konvy on its second Series A funding round, bringing its total Series A round to US$21 million. Launched in 2012, Konvy is a Thai beauty ecommerce platform and is home to 20,000 beauty products from more than 1,000 local and global brands. The funds will be used to enable its regional expansion, starting with the Philippines. Partner Terence Quek led the firm’s team in the transaction.

Saraf and Partners has acted for a consortium of 21 lenders led by Punjab National Bank on the assignment to the National Asset Reconstruction Company (NARC) of stressed assets, involving fund-based and non-fund based facilitates aggregating to approximately Rs56.5 billion (US$676.5m), availed by Simplex Infrastructures, a Kolkata-based listed entity established in 1924 and engaged in executing projects in the transport, energy and power, mining, marine and real estate sectors, among others. The joint assignment agreement in relation to the fund-based facilities was executed on March 28, 2024. This assignment comes after the Finance Ministry pushed for a significant transfer by the end of March 2024 of stressed assets amounting to Rs1 trillion (US$12b) from state-owned banks to NARC. Partner Abir Lal Dey led the firm’s team in the transaction.

TT&A has advised IFC on its Rs3.3 billion (US$40m) proposed equity investment in Artemis Medicare Services, via subscription to 33,000 fully paid compulsorily convertible debentures of Artemis Medical Services on a private placement basis. Partners Gautam Saha and Swati Chauhan led the firm’s team in the transaction.

WongPartnership is acting for Mr Wong Weng Sun, the former President, Executive Director and CEO of Seatrium (formerly Sembcorp Marine) and the Managing Director of Jurong Shipyard, on his defense against charges of conspiring to give approximately US$44 million to former Seatrium consultant Guilherme Esteves de Jesus, allegedly for the benefit of persons in Brazil, as inducements or rewards to advance the business interests of Seatrium’s subsidiaries in Brazil. Partners Tan Chee Meng, Senior Counsel and Paul Loy are leading the firm’s team in the matter.

WongPartnership has also acted for the general partner and investment manager of Titan Dining II, a private equity fund investing in Asia, on raising S$100 million (US$74.4m) on April 3, 2024, with the support of anchor investor Jollibee Worldwide, which is part of the Jollibee Group from the Philippines. Partner Low Kah Keong led the firm’s team in the transaction.

AZB & Partners is advising Decision Point on the Rs3.2 billion (US$38.3m) acquisition by LatentView Analytics of Decision Point. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on March 28, 2024 and is yet to be completed.

AZB & Partners has also advised Sterlite Power Transmission on the Rs75 billion (US$898.2m) acquisition of 49 percent stake by GIC Infra Holdings affiliates Stretford End Investment and Anahera Investment in Sterlite Power Transmission. Partners Zia Mody, Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 26, 2024.

Moreover, AZB & Partners has advised Sterlite Power Transmission on the acquisition by SGL 32, a joint venture company set up by Sterlite Power Transmission with GIC Infra Holdings, of Kishtawar Transmission, Nangalbibra Bongaigaon Transmission and Fatehgarh III Beawar Transmission from Sterlite Power Transmission. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 28, 2024.

Cyril Amarchand Mangaldas has advised Adani Ports and Special Economic Zone (APSEZ) on its acquisition of 95 percent stake, comprising of 56 percent from SP Port Maintenance and 39 percent from Orissa Stevedores, of Gopalpur Ports from the existing shareholders. The investment is in line with APSEZ’s strategy of East Coast to West Coast parity. Partner Surya Sreenivasan, supported by partners Paridhi Adani, Surya Sreenivasan, Ankita Ray, Monark Gahlot and Kirthi Srinivas, led the firm’s team in the transaction, which was signed on March 25, 2024.

Davis Polk has advised Lianlian DigiTech on its IPO and listing in Hong Kong and Rule 144A / Regulation S international offering, raising gross proceeds of approximately HK$657.15 million (US$84m). Lianlian is a digital payment solution provider from China with a global payment capability to serve customers around the world. As of December 31, 2023, Lianlian has a global license layout of 64 payment licenses and relevant qualifications, which enables it to serve customers to conduct their trading activities on global and regional e-commerce platforms that encompass over 100 countries and regions and support transactions in over 130 currencies. Lianlian established a joint venture with American Express, namely LianTong. LianTong was granted a bankcard clearing business license in June 2020, making it the first Sino-foreign joint venture bankcard clearing institution established in China. LianTong provides settlement, clearing and related activities for bank cards carrying “American Express” brands issued by card issuing banks in China, offering bankcard clearing and settlement services to issuing banks and merchant acquirers in its network, as well as cardholder benefits to Chinese consumers, both in China and globally. Partners Li He, Jason Xu and Ran Li led the firm’s multi-jurisdictional team in the transaction.

Saraf and Partners has advised DAM Capital Advisors, as the placement agent, on the qualified institutions placement of equity shares valued at Rs4.8 billion (US$57.5m) by Wockhardt, a prominent research-based pharmaceutical company in India. Wockhardt maintains a global presence with operations in approximately 45 countries. The company currently manages 12 manufacturing facilities and two research and development centres across India and overseas. The successful QIP included an issue and allotment of approximately 9.3 million equity shares to eligible qualified institutional buyers. DAM Capital Advisors attracted participation from esteemed investors, such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund, and Societe Generale. The equity shares were allotted at an issue price of Rs517 (US$6.20) each, constituting a five percent discount to the QIP floor price of Rs544.02 (US$6.52) per share. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction.

Shardul Amarchand Mangaldas has advised International Finance Corporation on its subscription to the debentures issued by Grasim Industries. The deal involved the Grasim Industries borrowing up to Rs12.5 billion (US$150m) via issuance of fully paid-up, unsecured, unlisted, rated, redeemable, non-convertible debentures on a private placement basis. Partners Shilpa Mankar Ahluwalia and Akshita Agrawal led the firm’s team in the transaction, which was one of the first issuances of non-convertible debt securities by a listed company to a multilateral institution, pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. S&R Associates advised Grasim Industries.

Shardul Amarchand Mangaldas & Co has also advised Bajaj Auto on executing a strategic buyback of up to four million fully paid-up equity shares, valued at Rs10,000 (US$120) each, from equity shareholders on a proportionate basis, via the Tender Offer route, as prescribed under the SEBI (BuyBack of Securities) Regulations 2018. The buyback offer price represented a premium of 50.09 percent and 50.04 percent over the closing price of the equity share on the BSE and NSE, respectively, as of the day preceding the date of intimation of board meeting (January 2, 2024) to approve the buyback. JM Financial and KFin Technologies acted as the managers and registrars, respectively, to the buyback. Executive chairman Shardul Shroff and partner Yogesh Chande, supported by partner Manan Mehta, led the firm’s team in the transaction.

S&R Associates has represented IRB Infrastructure Trust, an infrastructure investment trust which owns and operates road assets, on its Rs22.53 billion (US$170m) fast-track rights issue of 92 million units to eligible unitholders of the InvIT, including IRB Infrastructure Developers (sponsor of the InvIT) and affiliates of GIC, and the InvIT’s investments in IRB Lalitpur Tollway, IRB Kota Tollway and IRB Gwalior Tollway, which operate and maintain toll roads in the Indian states of Uttar Pradesh, Rajasthan and Madhya Pradesh, respectively. Partner Pratichi Mishra led the firm’s team in the transaction.

Trilegal has advised Wockhardt on its qualified institutions placement of equity shares aggregating to Rs4.8 billion (US$57.5m). Wockhardt is one of the key research-based pharmaceutical companies from India, and has a global footprint with operations across 45 countries and 12 manufacturing facilities. The proceeds from the QIP will be utilised towards repayment of borrowings, and funding clinical trials and research and development of its novel antibiotics focused on resistant organisms. DAM Capital Advisors was the placement agent for the QIP, which was anchored by marquee investors, such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund and Societe Generale. Capital markets partner Richa Choudhary led the firm’s team in the transaction.

Allen & Gledhill has acted as Singapore counsel to Mitsui & Co on the US$360 million acquisition of a 20 percent stake in the world’s largest shrimp farming company, Ecuador-based Industrial Pesquera Santa Priscila (IPSP), through a Singapore holding company owned by IPSP’s founders. Partners Gabriel Lee and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Daiwa House Asset Management Asia, as manager of Daiwa House Logistics Trust, on the acquisition of 100 percent of capital contribution in a target company owning a cold storage logistics facility with a net lettable area of 18,465 sqm in Tan Duc Industrial Park, Long An Province, Vietnam. The agreed property value for the purpose of this acquisition is Vnd483 billion (US$19.4m). The transaction comprises multiple legal aspects under Singapore and Vietnam jurisdictions, including the property transfer through a share acquisition of a property holding company, the novation/transfer of shareholder loans extended to the target company from the seller to the buyer, capital market regulations and merger filing clearance. Singapore partners Foong Yuen Ping and Victoria Leong and Vietnam managing partner Oh Hsiu-Hau and partner Tran Thi Phuong Thao led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised Penguin Securities Holdings on a series seed financing round led by Daiwa Securities Group, a Japanese investment bank and one of the largest securities brokerages in Japan. A Singapore-headquartered financial services and digital assets startup co-founded by Yuya Kuratomi, Kentaro Kawabe and Sho Setoguchi, Penguin Securities Holdings offers institutional-grade cryptocurrency derivative investment products with innovative structures using cutting edge and the traditional finance. Partner Nicholas Soh led the firm’s team in the transaction.

AZB & Partners has advised Wondrlabs India on its acquisition of Webtalk. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction, which was completed on January 16, 2024.

AZB & Partners has also advised ChampionX USA on its Rs664 million (US$8m) acquisition of OTS Consulting Services. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction, which was completed on January 4, 2024.

Moreover, AZB & Partners has advised Matrix Clothing on the US$60 million acquisition by Gokaldas Exports of Matrix Design & Industries from Matrix Clothing. Partners Vinati Kastia and Daksh Trivedi led the firm’s team in the transaction, which was completed on March 13, 2024.

Clifford Chance has advised Volkswagen Group on the international aspects of the technical collaboration agreements with electric vehicle manufacturer XPENG on platform and software collaboration for two mid-size Volkswagen-brand vehicles, following Volkswagen’s US$700 million strategic minority investment in XPENG representing 4.99 percent of its outstanding share capital in December 2023. Partners Ling Ho and Kelly Gregory, supported by partner Bai Yong, led the firm’s team in Hong Kong, Shanghai and Beijing in the transaction.

Clifford Chance has also advised Australian private equity firm Allegro Funds on its acquisition of business process outsourcing provider Nutun Australia from Nutun and its South African parent company, Transaction Capital. With more than A$4 billion (US$2.62b) assets under management, Allegro Funds specialises in investing in turnaround, transformation and special situations. Nutun is a leading provider of BPO services to a blue-chip customer base, including the largest banks, insurers, utilities and telecommunication providers in Australia and New Zealand. Partner Mark Currell, supported by partner Elizabeth Hundt Russell, led the firm’s team in the transaction.

Moreover, Clifford Chance has advised Bank of China Macau (BOC Macau), as mandated lead arranger, book-runner and underwriter, and the lender group on Isola Castle’s acquisition finance, via a pre-conditional voluntary conditional cash offer, for the privatisation of Hong Kong-listed tissue maker Vinda International Holdings. Isola Castle is a member of the Royal Golden Eagle Group. Partner Edith Leung, supported by partners Bryan Koo on the Hong Kong Takeovers Code aspects and Rocky Mui on the regulatory aspects, led the firm’s team in the transaction, which is one of the largest and most significant acquisition deals in the Asia Pacific consumer sector.

Cyril Amarchand Mangaldas has advised Tarsons Products (Tarsons India) on the acquisition, through Tarsons India’s wholly-owned subsidiary Tarsons Life Sciences, of two German entities, Nerbe R&D and Nerbe Plus, for a valuation of €10 million (US$10.85m), as a going concern basis. For the transaction, Tarsons India infused funds through provision of a loan for up to €13 million (US$14.1m) into Tarsons Singapore, where such funds would be utilized by Tarsons Singapore for the acquisition of the German entities. The deal was signed on January 8, 2024 and closed on January 11, 2024. Partner Soumya Srivastava led the firm’s team in the transaction, while Deloitte Germany acted as international counsel.

Cyril Amarchand Mangaldas has also advised Capital Small Finance Bank on the IPO of its approximately 11.2 million equity shares at face value of Rs10 (US$0.12) each for cash at a price of Rs468 (US$5.62) per equity share, including a share premium of Rs458 (US$5.50) per equity share, aggregating to approximately Rs5.23 billion (US$62,780). The IPO comprised of a fresh issue of approximately 9.6 million equity shares aggregating to Rs4.5 billion (US$54m) and an offer for sale of approximately 1.56 million equity shares aggregating to Rs730.7 million (US$8.8m), comprising 836,728 equity shares aggregating to Rs391.6 million (US$4.7m) by Oman India Joint Investment Fund II, 151,153 equity shares aggregating to Rs70.74 million (US$849,205) by Amicus Capital Private Equity I, 17,544 equity shares aggregating to Rs8.21 million (US$98,560) by Amicus Capital Partners India Fund I, and 555,904 equity shares aggregating to Rs260.16 million (US$3.12m) by certain persons listed in the prospectus. Nuvama Wealth Management, DAM Capital Advisors and Equirus Capital acted as book-running lead managers to the issue. Link Intime India acted as registrar. Northern region markets head partner Gokul Rajan, supported by partner Rutu Gandhi on the regulatory aspects, led the firm’s team in the transaction, which closed on February 12, 2024. Crawford Bayley & Co Advocates and Solicitors acted as Indian counsel for the selling shareholders, while Duane Morris acted as international counsel for the book-running lead managers.

Shardul Amarchand Mangaldas has advised HDFC Bank on the term loan facility provided to Moon Beverages for its acquisition on a slump sale basis of manufacturing, distribution and marketing rights, along with related assets, of Coca Cola products in certain target territories in India from Hindustan Coca-Cola Beverages. HDFC Bank has thereafter assigned part of the term loan facility to Axis Bank and ICICI Bank. Catalyst Trusteeship acted as the security trustee and the lenders’ agent. Partner Anurag Dwivedi, supported by partners Harman Singh Sandhu and Nitika Dwivedi, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Pipeline Infrastructure (issuer) and India Infrastructure Trust (InvIT) on the issuance of fully paid up, secured, listed non-convertible debentures aggregating up to Rs64.52 billion (US$774.5m) to refinance the acquisition of one of India’s largest gas pipelines running across 1,480 kms from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Axis Bank, Kotak Mahindra Bank, Barclays Bank and ICICI Bank were the arrangers and initial subscribers to the transaction. Partner Shubhangi Garg, supported by partners Abhishek Parekh and Neelam Pathak, led the firm’s team in the transaction, which closed on March 11, 2024. Trilegal advised the arrangers.

Skadden has represented Trial Holdings, a discount-store chain operator in Japan, on its ¥38.9 billion (U$258m) global IPO in Tokyo, which closed on March 19, 2024 and commenced trading on March 21, 2024. Tokyo partner Kenji Taneda led the firm’s team in the transaction, which was the largest IPO completed in Japan this year.

Trilegal has advised Signatureglobal (India) on its 100 percent acquisition of Gurugram Commercity. This acquisition will translate into an ownership of more than 25 acres of land on Southern Peripheral Road, Gurugram, Haryana, with a development potential of approximately 5.4 million square feet. Corporate partner Ankit Kejriwal, supported by partner Rahul Arora (real estate) led the firm’s team in the transaction.

Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$700 million (US$521.6m) fixed rates notes due 2031, under its S$32 billion (US$23.8b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Gateway Partners on leading the US$32 million pre-Series B financing round of UNOAsia, the parent company of Uno Digital Bank in the Philippines. Gateway Partners is an emerging markets manager investing responsibly across the fast-growing markets of Africa, Middle East, South and Southeast Asia. One of six digital bank licence holders in the Philippines, Uno Digital Bank offers savings, transactions, investment products and insurance services to the growing bankable population in the Philippines. Partners Julian Ho and Jonathan Choo led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised Openspace Ventures, a leading Southeast Asian venture capital firm, on its investment in the US$10 million series seed financing round of LXA, a Singapore-headquartered fintech company geared towards matching institutional capital pools and residential mortgage borrowers. LXA is targeting the mortgage ecosystem in Asia, and its platform aims to utilise end-to-end technology to streamline the entire mortgage lifecycle, from loan origination and borrower processing to loan servicing. Partners Julian Ho and Adrian Ang led the firm’s team in the transaction.

AZB & Partners has advised Hyatt Hotels and its affiliates, including one of the promoters of Juniper Hotels, and Two Seas Holdings on the IPO via a fresh issuance of 50 million equity shares by Juniper Hotels aggregating to Rs18 billion (US$217m). The prospectus was filed with the Registrar of Companies on February 23, 2024, while the equity shares commences trading in the stock exchanges on February 28, 2024. Partners Vaidhyanadhan Iyer, Lionel D’Almeida and Jeet Chaudhuri led the firm’s team in the transaction.

AZB & Partners is also advising Sterlite Power Transmission on the Rs75 billion (US$904m) acquisition by GIC Infra Holdings affiliates Stretford End Investment and Anahera Investment of 51 percent stake of Sterlite Power Transmission. Partners Zia Mody, Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on October 12, 2023 and is yet to be completed.

Moreover, AZB & Partners has advised Sumitomo Mitsui Financial Group (SMFG) on its acquisition of 25.1 percent of equity stake in SMFG India Credit Company from Angelica Investments (Temasek). Partners Nilanjana Singh and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on March 7, 2024.

Baker McKenzie has represented Cambium Grove Capital (CGC), an Asia-based asset management platform that invests in real estate, alternative credit, private equity and special situation opportunities, on the structuring, formation and successful closing of an investment vehicle relating to the acquisition of a commercial property in Tokyo, Japan. Hong Kong private capital specialist Edwin Wong led the firm’s team in the transaction, which continues CGC’s Japan value-add real estate investment strategy.

Cyril Amarchand Mangaldas has advised National Asset Reconstruction Company (NARC) and India Debt Resolution Company (IDRC) on their consolidated resolution plan for SREI Infrastructure Finance (SIF) and its wholly-owned subsidiary Srei Equipment Finance (SEF), which are undergoing corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code 2016, as amended. SIF and SEF are both systemically important non-deposit taking, non-banking financial companies. Partner Dhananjay Kumar, supported by partners Surya Sreenivasan, Raunak Dhillon, Bharath Reddy and Vijay Pratap Singh Chauhan, under the supervision of banking and finance co-head partner Amey Pathak, led the firm’s team in the transaction, which was signed on January 23, 2023 and closed on December 8, 2023.

Cyril Amarchand Mangaldas has also advised NDR InvIT Trust and NDR Ware Housing, as the sponsor of the Trust, on the initial offer via private placement of units of the Trust, aggregating to approximately Rs8.8 billion (US$106m). The offer comprised a fresh issue aggregating to approximately Rs7 billion (US$84m) and an offer for sale aggregating to approximately Rs1.86 billion (US$22.4m) by the selling unitholders. Partners Yash Ashar (capital markets head) and Kranti Mohan (REITs and InvITs head), Janhavi Manohar, supported by partners Kota Chandan, Ashish Jain, Abhilash Pillai, Rishiraj Bhat, led the firm’s team in the transaction, which closed on February 14, 2024. ICICI Securities acted as the lead manager to the offer, and Axis Trustee Services acted as the trustee of the Trust. Linklaters Singapore acted as international counsel to ICICI Securities.

JSA has advised HDFC Bank, India’s largest private sector bank, on the issue of the twin tranche dollar bonds issue of US$750 million Senior Notes under the US$3 billion Medium Term Note Programme by HDFC Bank, comprising of the issue of US$450 million Senior Notes and the issue of US$300 million Senior Notes. The Senior Notes tranche of US$300 million out of overall US$750 million is HDFC Bank’s debut sustainable finance dollar-denominated bond issue. Partner Dina Wadia, supported by partner Uttara Kolhatkar, led the firm’s team in the transaction, which had the tightest credit spreads achieved by an Indian issuer for a sustainable finance bond and senior unsecured bond for a similar size of US$ Regulation S issuance.

JSA has also advised ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities on the IPO of units of infrastructure investment trust Bharat Highways InvIT, comprising an issuance of units aggregating to Rs25 billion ((US$301). As part of the transaction, the InvIT has also acquired seven road assets, operating on a hybrid annuity model, from G R Infraprojects. Bharat Highways InvIT is only the fourth publicly listed InvIT, the first one since 2021, and is the most subscribed public InvIT. This was also the first InvIT in India allowing non-institutional investors to use UPI mechanism for bidding in the issue. Partner Arka Mookerjee, supported by partner   Pracheta Bhattacharya,led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Reliance Industries and Viacom 18 on the strategic joint venture with Disney, combining the businesses of Viacom18 and Star India, including an investment of Rs115 billion (US$1.39b) by Reliance Industries. The joint venture will seek to lead the digital transformation of the media and entertainment industry in India, and offer consumers high-quality and comprehensive content offerings. Managing partner Pallavi Shroff and partners Iqbal Khan, Puja Sondhi, Shivangi Sharma Talwar and Shashank Mishra, supported by partners Shweta Shroff Chopra, Harman Singh Sandhu, Aman Singh Sethi, Vaibhav Singh, Rohit Bajaj, Kriti Kaushik, Ashish Teni, Mukul Baveja and Shahana Chatterji, led the firm’s team in the transaction, which was valued at US$8.5 billion.

Shardul Amarchand Mangaldas & Co has also advised Axis Capital, Intensive Fiscal Services and JM Financial, as the book-running lead managers, on the IPO of equity shares of Gopal Snacks. The IPO had an overall demand of over nine times the deal size, and the qualified institutional buyers component had over 17 times demand. A fast-moving consumer goods company in India, Gopal Snacks offers ethnic snacks, western snacks and other products under the brand ‘Gopal’, and has a footprint across India. Partners Prashant Gupta (national capital markets practice head) and Ruth Chenchiah led the firm’s team in the transaction, which is valued at approximately US$78 million.

Moreover, Shardul Amarchand Mangaldas & Co has advised British American Tobacco (BAT) on the strategic divestment of approximately 3.5 percent stake held by Tobacco Manufacturers (India), a wholly-owned subsidiary of BAT, in ITC. BAT intends to use the net proceeds to commence its share buyback programme, starting with £700 million (US$888m) in 2024. Bank of America Securities India and Citibank acted as the authorized dealer banks for the repatriation of the proceeds to BAT. Partners Mithun V Thanks, Manjari Tyagi and Kaustubh Verma led the firm’s team in the transaction, which is valued at approximately US$ 2.1 billion, making it one of the largest trades on the Indian stock exchanges. Herbert Smith Freehills London, led by partner Alex Kay, and Appleby (Isle of Man) advised BAT on the governance, corporate aspects and the capacity and authority of Tobacco Manufacturers (India) to undertake the divestment. Cyril Amarchand Mangaldas advised Bank of America Securities India and Citigroup Global Markets India, while Ashurst also advised Bank of America Securities India on certain overseas aspects of the block trade.

Skadden is advising Dai-ichi Life Holdings on its agreement to acquire a 19.9 percent strategic minority stake in the Canyon Partners business. Under the terms of the agreement, Dai-ichi has the right to acquire up to 51 percent of the equity interest in Canyon in 2027, and up to 100 percent in 2029. Partners David Hepp (New York-M&A/financial institutions), Matthew Collin (New York-M&A/financial institutions), Akira Kumaki (M&A-Tokyo), Mitsuhiro Kamiya (M&A-Tokyo), Gavin White (New York-tax), Heather Cruz (New York-investment management), James Stringellow (New York-capital markets) and Joseph Penko (executive compensation and benefits), led the firm’s team in the transaction, which is subject to customary closing conditions, including certain regulatory consents, which are expected to be satisfied over the coming months.

S&R Associates has represented the broker on the Rs28.27 billion (US$341m) bulk deal sale by Antfin Singapore Holding on the Indian stock exchanges of 176.3 million equity shares of Zomato, a listed company operating a food delivery app. Partner Sudip Mahapatra led the firm’s team in the transaction.

S&R Associates has also successfully represented Capricorn UK Holdings (formerly Cairn UK Holdings), a subsidiary of Capricorn Energy (formerly Cairn Energy), before the Securities & Exchange Board of India and in prior related proceedings before the Securities Appellate Tribunal and the Supreme Court of India. In a recent order, the SEBI held that listed natural resources and technology conglomerate Vedanta violated provisions of the Companies Act 2013 and SEBI’s Listing Obligations and Disclosure Requirements Regulations by failing to make dividend payments in a timely manner to Capricorn UK Holdings. Accordingly, SEBI has, inter alia, directed Vedanta to pay interest of Rs776.2 million (US$9.34m) to Capricorn UK Holdings. Partners Niti Dixit, Shahezad Kazi and Abhishek Tewari led the firm’s team in the matter. Capricorn UK Holdings was also advised by partner Uday Walia of Touchstone Partners in this matter.

Trilegal has advised Jefferies India, as placement agent, on the Rs5.93 billion (US$71m) sale via the stock exchange of approximately five million equity shares of Macrotech Developers held by Sambhavnath Infrabuild and Farms. Capital markets partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.

Trilegal has also acted as the sole advisor to UltraTech Cement on securing an unconditional approval from the Competition Commission of India pertaining to the proposed acquisition of the cement business of Kesoram Industries. The proposed acquisition will provide UltraTech the opportunity to extend its footprint in the highly fragmented, competitive and fast-growing Western and Southern markets in the country. This was an acquirer only filing made by UltraTech. The proposed acquisition was notified with the CCI as a long form (Form II) merger notification on January 25, 2024, and was approved by the CCI on March 19, 2024. Competition law national head partner Nisha Kaur Uberoi led the firm’s team in the matter.

TT&A has advised the Japan International Cooperation Agency on its loan facility, via an external commercial borrowing, of up to US$125 million to L&T Finance Holdings. The proceeds of the loan will be used by L&T to finance the women borrowers for rural group loans and micro finance loans to farmers for new farm equipment purchases and loan facilities, to individuals for new two-wheeler purchases (including electric two-wheelers), and to individuals who are self-employed professionals for MSME loans. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction.

WongPartnership has acted for Openspace Ventures on its investment into the US$15 million Series B funding round of Rukita, an Indonesia-based proptech group. Partner Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has advised Eurofins Food Testing Lux Holding, a wholly-owned subsidiary of Eurofins Assurance Lux Holding SARL, on the acquisition of approximately 1.14 million ordinary shares in The Superintendence and Inspection of Coffee and Products for Export and Import (Cafecontrol), one of leading companies in testing and support service industry in Vietnam. In addition, Eurofins shall enter into an option agreement, in which Eurofins will be entitled to acquire additional shares from the sellers in Cafecontrol. Following completion of the transaction, Eurofins shall hold at least 67 percent and up to 95 percent of total ordinary shares in Cafecontrol. Vietnam partner Tran Ngoc Hoang Phuong led the firm’s team in the transaction.

Allen & Gledhill has also advised Phu My 3 Bot Power Company (PM3) on the project transfer process and the post-transfer liquidation process Phu My 3 BOT Thermal Power Plant (PM3 Plant) to the Ministry of Industry and Trade (MOIT) and Vietnam Electricity (EVN). The PM3 Plant, a combined-cycle gas turbine power plant that uses domestic gas sources to operate, was developed by PM3, which was a joint venture among Sembcorp Utilities, Kyuden International and Sojitz. Upon completion of the transfer to the MOIT and EVN, the PM3 Plant is expected to contribute around 4.6 billion kWh to the national electricity system. Vietnam partner Jonathan Lin led the firm’s team in the transaction.

AZB & Partners is advising BTS Investments 1 (Bodhi Tree) on the Rs374.2 billion (US$4.5b) acquisition of Star India (Disney Star) by Reliance Industries and Viacom18 Media, a joint venture between Reliance Industries and Bodhi Tree. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on February 28, 2024 and is yet to be completed.

AZB & Partners is also advising Accenture on its more than US$50 million acquisition of Mindcurv Holdings and its Indian subsidiary Mindcurv Technology Solution. Partners Vaidhyanadhan Iyer and Vasudha Asher are leading the firm’s team in the transaction, which was signed on February 27, 2024 and is yet to be completed.

Moreover, AZB & Partners has advised Advent International on the Rs9.8 billion (US$118m) sale of equity stake of Eureka Forbes by Lunolux, an Advent entity. Partners Vaidhyanadhan Iyer and Sneha Nagvekar led the firm’s team in the transaction, which was completed on February 22, 2024.

Baker McKenzie has advised Gaw Capital Partners on its partnership with BW ESS, a leading global investor in the energy storage sector and part of the BW Group, to launch Valent Energy, an investment platform in Australia with over 1.6 gigawatts of utility-scale battery projects, including three in Victoria and New South Wales that are fully approved and ready-to-build. Gaw Capital and BW ESS will pool their resources in Valent Energy, commit and arrange capital of over A$2 billion (US$1.3b) to build the battery energy storage projects, and develop and grow its captive pipeline of development assets. The strategic partnership comes at an opportune time, in light of the Australian government’s rollout of policy to support battery projects, and the record periods of negative prices during daytime solar floods. Funds partner Jason Ng led firm’s team in the transaction.

Clifford Chance has advised The Hong Kong Mortgage Corporation (HKMC) on the triple-tranche issuance of Hong Kong dollar (HK$)-denominated benchmark bonds totalling HK$12 billion (US$1.5b), under its US$30 billion Medium Term Note Programme. The triple-tranche issuance comprises HK$8 billion (US$1b) two-year, HK$3 billion (US$383.4m) five-year and HK$1 billion (US$128m) 10-year bonds. The net proceeds of the notes issued will be used to meet general financing requirements. HKMC is wholly-owned by the Hong Kong SAR Government through the Exchange Fund. Partner Mark Chan led the firm’s team in the transaction, which is the largest Hong Kong dollar-denominated senior unsecured public bond transaction, and the largest 10-year Hong Kong dollar-denominated public bond issuance in the institutional market.

Cyril Amarchand Mangaldas has advised Multiples on its proposed investment in Svatantra Microfin – a non-banking financial company – microfinance institution led by Ananya Birla. Multiples, along with Advent International, entered into definitive agreements for a combined investment of approximately Rs19.3 billion (US$233m) into Svatantra Microfin. Partners Aditi Manchanda and Srabanee Ghosh, supported by partner Kirthi Srinivas, led the firm’s team in the transaction, which was signed on March 4, 2024 and stands as the largest private equity investment in India’s microfinance sector. AZB & Partners, led by partners Vaidhyanadhan Iyer and Jeet Chaudhuri, advised Advent India PE Advisors.

Cyril Amarchand Mangaldas has also advised SBL Energy on entering into definitive documents to raise growth capital by issuance of securities to Synergy Capital (DIFC) Fund I General Partner, India SME Investments – Fund I and Mr Mukul Agrawal. SBL Energy is the second largest industrial explosive company in India and caters to the infrastructure and mining sectors. Partner Siddharth Hariani led the firm’s team in the transaction, which was signed on February 14, 2024.

Rajah & Tann Singapore has acted for Edgecortix on its US$20 million Series A Prime funding round, which was led by Global Hands-On VC, a leading Japan-US collaboration focused venture capital, and SBI Investment, Japan’s leading venture capital firm. Edgecortix is a Japan-based company with a focus on edge artificial intelligence (AI) fabless semiconductor development and design to create high-speed yet very lower-power, flexible edge AI-focused processors. Partners Tracy Ang and Janice Pui led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for ISQ GMF Asia Infrastructure Holdings on its subscription for warrants in AGP LNG Holdco (Singapore), a Singapore-incorporated company that is part of the Atlantic Gulf & Pacific group, a global energy company involved in the development, ownership and operation of global LNG infrastructure platforms and city gas distribution networks. Partner Terence Quek led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised ACME Group entities on the divestment to Blupine Energy of 100 percent equity interest by ACME Solar Holdings and ACME Solar Energy in certain subsidiaries, which are operating solar photovoltaic power projects with an aggregate capacity of 369 MW_AC in the States of Karnataka, Uttarakhand and Punjab. Partners VR Neelakantan, Kushal Sinha and Dhrupad Pant led the firm’s team in the transaction, which signifies the paramount and remarkable growth potential of the Indian renewables’ energy sector, and the immense value that it promises to global private equity investors.

Simpson Thacher has advised Stonepeak on the successful final close of Stonepeak Asia Infrastructure Fund, with US$3.3 billion in total capital commitments. The fund, representing Stonepeak’s first dedicated Asia strategy, exceeded its target of US$3 billion, having received robust demand from new investors and existing investors in other Stonepeak funds. New York funds partners Jonathan Karen and Deborah Gruen led the firm’s team in the transaction.

Trilegal has represented Nuvama Wealth Management (formerly known as Edelweiss Securities), as the book-running lead manager, on the qualified institutions placement of equity shares by Xpro India, a company engaged in the business of polymer processing. A professionally managed arm of the BIRLA group, Xpro India is also a manufacturer in India of coextruded plastic films, thermoformed components, coextruded cast films and speciality films, including dielectric films and special purpose biaxilliary oriented polypropylene films. The proceeds of the issue amounted to Rs1.5 billion (US$18m). Capital markets partners Bhakta Patnaik and Brajendu Bhaskar led the firm’s team in the transaction.

Trilegal has also advised Jefferies India on the sale of 49 million equity shares of Bharti Airtel held by Pastel (Singtel). The share sale was undertaken through a block trade for an aggregate consideration of Rs58.5 billion (US$707m). Partners Richa Choudhary and Albin Thomas led the firm’s team in the transaction.

TT&A has advised the United States International Development Finance Corporation on its loan facility, via an external commercial borrowing, of up to US$10 million to non-banking financial company Clime Finance for on-lending to MSMEs engaged in climate adaptation and/or mitigation activities in India, which financing will help contribute towards India’s efforts to increase renewable energy generation. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to Wavemaker Pacific 4 on leading the US$3 million series seed round investment in Singapore-headquartered customer data platform Meiro, which helps brands use customer data to significantly improve customer experience and marketing campaign performance, empowering brands to gain a holistic understanding of customer preferences and behaviours across various touchpoints and ultimately maximizing customer satisfaction and business profitability. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to ARA Trust Management (Suntec), as manager of Suntec Real Estate Investment Trust (Suntec REIT), on the S$950 million (US$707m) sustainability-linked term loan facility to HSBC Institutional Trust Services (Singapore), as trustee of Suntec REIT. Partner Jafe Ng led the firm’s team in the transaction.

Moreover, Allen & Gledhill has also advised Temasek Financial (I) and Temasek Holdings on the issue of Rmb750 million (US$104m) 3.2 percent guaranteed notes due 2029, under the US$25 billion guaranteed global medium term note programme established by Temasek Financial (I). The notes are unconditionally and irrevocably guaranteed by Temasek Holdings and is its inaugural issuance of offshore renminbi- denominated bonds. Partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Aegon India Holding on the acquisition by Bandhan Financial Holdings of 95.8 percent equity stake of Aegon Life Insurance from Aegon India Holding and Bennett Coleman & Company. Partners Darshika Kothari, Nandish Vyas, Kritika Agarwal, Nandan Pendsey, Nishanth Ravindran, Gaurav Bansal and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on February 23, 2024.

AZB & Partners has also advised Accenture on its acquisition of Database Parent, including acquisition of the Indian target Navisite India, Dickinson Technology Consulting Services and Velocity Tech-Sol India. Partners Vaidhyanadhan Iyer, Malaveeka Chakravarthy and Nishanth Ravindran led the firm’s team in the transaction, which was completed on January 29, 2024.

Baker McKenzie has advised APG Asset Management, the investment manager of the largest pension provider in the Netherlands, on its investment into ESR Group’s open-ended Korea logistics Core Fund, which exceeds US$400 million. The Core Fund is South Korea’s first perpetual open-ended core fund, established by ESR Kendall Square (ESRKS), the Seoul-based subsidiary of APAC’s leading real asset manager ESR Group. The Core Fund grows out of the original joint venture between CPP Investments, APG and ESRKS in 2015, and is seeded with seven “best-in-class” warehouses in strategic prime locations, mainly in the Greater Seoul and Greater Busan areas. As an open-ended vehicle, the Core Fund aims to acquire high-quality income producing stabilized assets, including those from an extensive pipeline of development assets managed by ESRKS, to deliver long-term returns for its investors. Funds partner Jason Ng led the firm’s team in the transaction.

Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, has represented Dutch pension investor APG Asset Management and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) on an investment, alongside the Indonesia Investment Authority (INA), in the Trans Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang in Indonesia. The toll road sections are the initial seed assets for the platform, which is targeting up to US$2.75 billion of investment opportunities in Indonesia’s toll road networks. These sections are instrumental in boosting regional connectivity in Indonesia, and have seen a 1.5 times surge in traffic volume from 2016 to 2021. Singapore M&A principal Boo Bee Chun and Jakarta partner Nadia Soraya led the firm’s cross-border team in the transaction.

Allen & Gledhill has acted as transaction counsel to Wavemaker Pacific 4 on leading the US$3 million series seed round investment in Singapore-headquartered customer data platform Meiro, which helps brands use customer data to significantly improve customer experience and marketing campaign performance, empowering brands to gain a holistic understanding of customer preferences and behaviours across various touchpoints and ultimately maximizing customer satisfaction and business profitability. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to ARA Trust Management (Suntec), as manager of Suntec Real Estate Investment Trust (Suntec REIT), on the S$950 million (US$707m) sustainability-linked term loan facility to HSBC Institutional Trust Services (Singapore), as trustee of Suntec REIT. Partner Jafe Ng led the firm’s team in the transaction.

Moreover, Allen & Gledhill has also advised Temasek Financial (I) and Temasek Holdings on the issue of Rmb750 million (US$104m) 3.2 percent guaranteed notes due 2029, under the US$25 billion guaranteed global medium term note programme established by Temasek Financial (I). The notes are unconditionally and irrevocably guaranteed by Temasek Holdings and is its inaugural issuance of offshore renminbi- denominated bonds. Partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Aegon India Holding on the acquisition by Bandhan Financial Holdings of 95.8 percent equity stake of Aegon Life Insurance from Aegon India Holding and Bennett Coleman & Company. Partners Darshika Kothari, Nandish Vyas, Kritika Agarwal, Nandan Pendsey, Nishanth Ravindran, Gaurav Bansal and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on February 23, 2024.

AZB & Partners has also advised Accenture on its acquisition of Database Parent, including acquisition of the Indian target Navisite India, Dickinson Technology Consulting Services and Velocity Tech-Sol India. Partners Vaidhyanadhan Iyer, Malaveeka Chakravarthy and Nishanth Ravindran led the firm’s team in the transaction, which was completed on January 29, 2024.

Baker McKenzie has advised APG Asset Management, the investment manager of the largest pension provider in the Netherlands, on its investment into ESR Group’s open-ended Korea logistics Core Fund, which exceeds US$400 million. The Core Fund is South Korea’s first perpetual open-ended core fund, established by ESR Kendall Square (ESRKS), the Seoul-based subsidiary of APAC’s leading real asset manager ESR Group. The Core Fund grows out of the original joint venture between CPP Investments, APG and ESRKS in 2015, and is seeded with seven “best-in-class” warehouses in strategic prime locations, mainly in the Greater Seoul and Greater Busan areas. As an open-ended vehicle, the Core Fund aims to acquire high-quality income producing stabilized assets, including those from an extensive pipeline of development assets managed by ESRKS, to deliver long-term returns for its investors. Funds partner Jason Ng led the firm’s team in the transaction.

Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, has represented Dutch pension investor APG Asset Management and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) on an investment, alongside the Indonesia Investment Authority (INA), in the Trans Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang in Indonesia. The toll road sections are the initial seed assets for the platform, which is targeting up to US$2.75 billion of investment opportunities in Indonesia’s toll road networks. These sections are instrumental in boosting regional connectivity in Indonesia, and have seen a 1.5 times surge in traffic volume from 2016 to 2021. Singapore M&A principal Boo Bee Chun and Jakarta partner Nadia Soraya led the firm’s cross-border team in the transaction.

K&L Gates has advised Dash Living on its new joint venture with PGIM Real Estate for the acquisition and development of The Sheung Wan by Ovolo, a 56-key boutique hotel located in Hong Kong’s central business district. This is Dash Living’s second co-living joint venture with PGIM Real Estate, strengthening their existing partnership following the opening of Dash Living on Hollywood, the recently launched co-living residence acquired in connection with their first joint venture. The new property will mark Dash Living’s 26th location in the Asia-Pacific, and will be converted into Dash Living on Queen’s – an expansion of Dash Living on Hollywood, a co-living residence which is a three-minute walk away. Founded in Hong Kong in 2014, Dash Living has grown its footprint in key locations across the region, including Singapore, Japan and Australia. PGIM Real Estate is the US$210 billion real estate investment and financing business of PGIM. Hong Kong corporate partner William Ho led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised 3Fate Technologies on its Pre-Series A fundraise by Jungle Ventures IV and its secondary transfer of securities from certain existing shareholders. The fundraising round saw participation from new investors, such as Jungle Ventures IV (Singapore) and Accion Venture Lab Holdings (USA). Existing investors involved in the fundraise were Strive III Investment Limited Partnership (Japan), Gemba Capital Fund I and Titan Capital, and debt partners Alteria Capital and Stride Ventures. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$6.5 million and closed in November 2023. Jungle Ventures IV was advised by Argus Partners. Accion Venture Lab Holdings was advised by Tatva Legal, and Gemba Capital Fund I was advised by LexStart Partners.

Shardul Amarchand Mangaldas & Co has also advised Deepak Fertilizers and Petrochemicals on a long-term supply and purchase agreement for Liquefied Natural Gas (LNG) with Equinor ASA.  The agreement covers an annual supply of around 0.65 MPTA of LNG for a 15-year period. Partner Prashant Sirohi led the firm’s team in the transaction, which is valued at approximately US$4 billion and was executed on February 19, 2024.

Moreover, Shardul Amarchand Mangaldas & Co has advised Sandeep Sankhla and Vrinda Deval on their sale, with other shareholders, of the entire shareholding of GM Insights Solutions and its subsidiary, Glocal Mind, to Apollo Intelligence Operating. Partner Devesh Pandey led the firm’s team in the transaction, which was signed on January 5, 2024. White Summers Caffee & James and Baker Newman Noyes acted for the sellers as international counsel and tax counsel, respectively. Goodwin Procter and Cyril Amarchand Mangaldas acted as international counsel and Indian counsel, respectively, to Apollo Intelligence Operating.

K&L Gates has advised Dash Living on its new joint venture with PGIM Real Estate for the acquisition and development of The Sheung Wan by Ovolo, a 56-key boutique hotel located in Hong Kong’s central business district. This is Dash Living’s second co-living joint venture with PGIM Real Estate, strengthening their existing partnership following the opening of Dash Living on Hollywood, the recently launched co-living residence acquired in connection with their first joint venture. The new property will mark Dash Living’s 26th location in the Asia-Pacific, and will be converted into Dash Living on Queen’s – an expansion of Dash Living on Hollywood, a co-living residence which is a three-minute walk away. Founded in Hong Kong in 2014, Dash Living has grown its footprint in key locations across the region, including Singapore, Japan and Australia. PGIM Real Estate is the US$210 billion real estate investment and financing business of PGIM. Hong Kong corporate partner William Ho led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised 3Fate Technologies on its Pre-Series A fundraise by Jungle Ventures IV and its secondary transfer of securities from certain existing shareholders. The fundraising round saw participation from new investors, such as Jungle Ventures IV (Singapore) and Accion Venture Lab Holdings (USA). Existing investors involved in the fundraise were Strive III Investment Limited Partnership (Japan), Gemba Capital Fund I and Titan Capital, and debt partners Alteria Capital and Stride Ventures. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$6.5 million and closed in November 2023. Jungle Ventures IV was advised by Argus Partners. Accion Venture Lab Holdings was advised by Tatva Legal, and Gemba Capital Fund I was advised by LexStart Partners.

Shardul Amarchand Mangaldas & Co has also advised Deepak Fertilizers and Petrochemicals on a long-term supply and purchase agreement for Liquefied Natural Gas (LNG) with Equinor ASA.  The agreement covers an annual supply of around 0.65 MPTA of LNG for a 15-year period. Partner Prashant Sirohi led the firm’s team in the transaction, which is valued at approximately US$4 billion and was executed on February 19, 2024.

Moreover, Shardul Amarchand Mangaldas & Co has advised Sandeep Sankhla and Vrinda Deval on their sale, with other shareholders, of the entire shareholding of GM Insights Solutions and its subsidiary, Glocal Mind, to Apollo Intelligence Operating. Partner Devesh Pandey led the firm’s team in the transaction, which was signed on January 5, 2024. White Summers Caffee & James and Baker Newman Noyes acted for the sellers as international counsel and tax counsel, respectively. Goodwin Procter and Cyril Amarchand Mangaldas acted as international counsel and Indian counsel, respectively, to Apollo Intelligence Operating.

Skadden is also advising VX Logistic Properties, a subsidiary of China Vanke, on the proposed spin-off and separate listing of three warehouse logistic park projects through a publicly traded infrastructure securities investment fund on the Shenzhen Stock Exchange. China-based China Vanke principally engages in real estate development and property management. Following notice of acceptance from the CSRC on March 1, 2024, China Vanke will commence the application process for the listing of the infrastructure REIT comprising high-standard warehouse logistic parks, owned by VX Logistic properties, as CAMC-VX Warehousing and Logistic Close-end Infrastructure Securities Investment Fund. The spin-off and proposed listing will ensure that the value of the spun-off assets is better reflected, assist in continuous capital raising, enable China Vanke to remain more competitive and allow the company’s high quality assets to be listed separately in the Chinese market. Beijing partner Kai Sun led the firm’s team in the transaction.

TT&A has advised Renew Group on the sale of 300 MW solar project in Rajasthan for a total enterprise value of US$199 million. Partners Gautam Saha, Punita Gupta and Akshay Malhotra led the firm’s team in the transaction.

TT&A has also advised CleanMax Enviro Energy Solutions on the supply of power on captive basis to Bangalore International Airport from a 45.9 MW (36 MW of solar and 9.9 MW wind) power project located in Karnataka. Partner Akshay Malhotra led the firm’s team in the transaction.

AZB & Partners has advised Client Rosehill, CVCIGP II Employee Rosehill, Global Impact Funds, SCA, SICAR, sub-fund Global Financial Inclusion Fund, Growth Partnership II Ajay Tandon Co-Investment Trust, Growth Partnership II Siva Shankar Co-Investment Trust and Hero Enterprise Partner Ventures, as the selling shareholders, on Jana Small Finance Bank’s IPO comprising a fresh issue of equity shares aggregating up to Rs4.62 billion (US$55.7m) and an offer for sale aggregating up to Rs1.1 billion (US$13.3m) by the selling shareholders. The equity shares listed on February 14, 2024. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction.

AZB & Partners is also advising OCP, a member of the promoter/promoter group of Paradeep Phosphates, on its Rs16.43b (US$198m) acquisition of Mangalore Chemicals and Fertilizers. Partner Vaidhyanadhan Iyer is leading the firm’s team in the transaction, which was signed on February 7, 2024 and is yet to be completed.

Moreover, AZB & Partners has advised FIH Mauritius Investments on its sale of shares of the National Stock Exchange of India to 360 One. Partners Darshika Kothari and Kritika Agarwal led the firm’s team in the transaction, which was completed on January 29, 2024.

Baker McKenzie has advised Nexif Ratch Energy SE Asia, a joint venture company owned by Nexif Energy of Singapore and Ratch Group of Thailand, on the acquisition of 100 percent of the shares in Minh Luong Energy Development, together with its 30 MW Minh Luong hydropower project located in Van Ban district, Lao Cai province, Vietnam. This Minh Luong Project has been in commercial operation since April 2018, and has played an important role in ensuring the electricity security in Lao Cai province, specifically, and the Northern Vietnam area, generally. The acquisition contributes to strengthening Nexif Ratch Energy portfolio’s growth path in renewables in Vietnam, as well as in the Asia Pacific region. Projects and energy partner Thanh Hai Nguyen led the firm’s team in the transaction.

Cleary Gottlieb has represented Trimco Group on its acquisition of Zabin Group. The acquisition, announced on December 15, 2023, further expands Trimco Group’s presence in the US. Owned by Brookfield Asset Management, Hong Kong-based Trimco Group is a leading global provider of brand identity products to a wide range of international fashion and sports brands. Los Angeles-based Zabin Group is a leading supplier of design and branding products, with offices in Hong Kong, India and Bangladesh. The acquisition will allow the combined business to better serve local customers by leveraging Trimco Group’s global production footprint and innovative digital solutions focused on supply chain and sustainability, including the market-leading traceability platform Product DNA®. The firm previously represented Brookfield Asset Management on its acquisition of Trimco Group in November 2022, and represented Trimco Group on its acquisition of Wah Lung Labels in May 2023. Beijing partner Denise Shiu led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised Swiss Parenterals on the acquisition of its 70 percent stake by Indian branded formulations company Eris Lifesciences and its promoter group. For the expansion of its sterile injectables footprint, Eris acquired 51 percent equity stake in Swiss Parenterals, a leading player in the sterile injectables business in more than 80 emerging markets across Africa, the Asia Pacific and Latin America, with two manufacturing facilities in Gujarat, accredited by more than 50 regulatory authorities worldwide, including the EU-GMP, Brazilian Anvisa, Mexican Cofepris and the Australian TGA. The promoter group of Eris concurrently acquired additional 19 percent equity stake in Swiss Parenterals, thereby bringing the total equity stake of Eris and its promoter group in the company to 70 percent. Partner Ravi Shah, supported by partner Lakshmi Prakash, led the firm’s team in the transaction, which was signed on February 13, 2024 and closed on February 15, 2024.

Saraf and Partners has advised the Committee of Creditors (CoC) led by the State Bank of India, on the corporate insolvency resolution process of Simplex Projects, in accordance with the provisions of the Insolvency and Bankruptcy Code 2016 and relevant regulations. The resolution plan submitted by the company’s promoter was approved by the CoC and declared as the successful resolution plan. An application seeking approval of the resolution plan has been filed by the resolution professional before the NCLT and is currently pending adjudication. Following the rejection of the resolution plan by the CoC, based on unsolicited addendums submitted subsequently by the unsuccessful resolution applicant, the NCLT allowed the CoC to re-consider the revised offer, in the spirit of maximisation of value, after which the CoC approved the same. Partner Abir Lal Dey, supported by senior partner Bikash Jhawar, led the firm’s team in the transaction.

Saraf and Partners has also advised on Indiabulls Housing Finance’s US$445 million rights issue. Indiabulls had set the price for the rights issue at Rs150 (US$1.81) per share, with shareholders entitled to one rights equity share for every two that they held in the company as of February 1, 2024. Indiabulls is among the top five housing finance companies in India, in terms of asset under management. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction, which is one of the largest rights issues out of India recently. Nuvama Wealth Management and InCred Capital Wealth Portfolio Managers, the lead managers, were advised by Khaitan & Co with a team led by partner Thomas George and by Linklaters with a team led by India practice head Amit Singh.

Shardul Amarchand Mangaldas has advised Eris Lifesciences on its acquisition, together with certain individual purchasers, of a majority stake in Swiss Parenterals (SP) from SP’s existing shareholders. The aggregate deal value is approximately Rs8.75 billion (US$105.5m), paid through a combination of cash and issuance by Eris of secured, redeemable non-convertible debentures. After completion of the transaction, Eris holds 51 percent, while the individual purchasers collectively hold approximately 19 percent, of the share capital of SP. The transaction augments the capability of Eris in the sterile injectables segment. Partners Nivedita Tiwari and Devesh Pandey, supported by partners Shilpa Mankar Ahluwalia, Shubhangi Garg, Gouri Puri and Ritwik Bhattacharya, led the firm’s team in the transaction. Swiss Parenterals and the sellers were advised by Cyril Amarchand Mangaldas.

Shardul Amarchand Mangaldas & Co has advised Amber Internet Solutions on its Series A funding round led by Gaja Capital India Fund 2020. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$21 million. Gaja Capital India Fund 2020 was advised by Pioneer Legal.

Moreover, Shardul Amarchand Mangaldas & Co has advised Nexxbase Marketing on its Series A fundraise via strategic investment by Bose Corporation. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$10 million, and closed in December 2023. Bose Corporation was advised by JSA.

Simpson Thacher has advised CVC on the establishment of its sixth Asia fund, CVC Capital Partners Asia VI (Asia VI). CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure. The fund closed with US$6.8 billion in commitments. Asia VI saw strong demand from new and returning blue chip investors, enabling it to significantly exceed its US$6 billion target and original hard cap. The fund lifts CVC’s Asia platform to one of the leading players in the region, having now raised over US$21 billion of commitments across its Asia focused funds. Asia VI is 50 percent larger than its predecessor, CVC Capital Partners Asia V, which was raised in 2020 and closed at US$4.5 billion. London funds partners Dan Lloyd and Gareth Earl led the firm’s team in the transaction.

Skadden has advised Lotus Technology, a leading global luxury electric vehicle maker, on its merger with L Catterton Asia Acquisition, a special purpose acquisition company formed by affiliates of L Catterton, a global consumer-focused investment firm, at an enterprise value of US$5.4 billion. The de-SPAC transaction closed on February 22, 2024. The combined company retains Lotus Tech’s name as “Lotus Technology”; its American Depositary Shares commenced trading on the Nasdaq on February 23, 2024. Corporate partners Peter Huang (Beijing), Shu Du (Hong Kong) and Brian Breheny (Washington DC), supported by New York partners Victor Hollender (tax) and Bruce Goldner (intellectual property), led the firm’s team in the transaction.

S&R Associates has represented the broker on the Rs17 billion (US$205m) bulk deal sale on the Indian stock exchanges of 65.5 million equity shares of Vedanta, a leading natural resources and technology conglomerate, by Finsider International, a promoter selling shareholder. Partner Sudip Mahapatra led the firm’s team in the transaction.

Trilegal has advised Credit Saison India (Kisetsu Saison Finance (India)) on a primary investment in Credit Saison India by Mizuho Bank and its subsidiary, resulting in the acquisition of an approximately 15 percent stake in Credit Saison India by Mizuho and its subsidiary. Credit Saison India is a systemically important non-deposit taking non-banking financial company engaged in wholesale, as well as retail, lending. Credit Saison India is a subsidiary of Tokyo-listed Japanese financial services company Credit Saison. Corporate partner Yogesh Bhattarai, supported by partners Ameya Khandge (banking and finance) and Richa Choudhary (Capital Markets), led the firm’s team in the transaction.

Trilegal has also advised Apollo Logisolutions on the divestment of 100 percent of its shareholding in its wholly-owned subsidiary Kailash Shipping Services, which operates a container freight station and provides logistics solutions. Pursuant to the transaction, 100 percent of the shareholding of Kailash Shipping Services was acquired by Dahnay Logistics. Corporate partner Charandeep Kaur led the firm’s team in the transaction.

WongPartnership is acting for a global investment firm on its partnership with Seviora Capital for the Seviora T3F Strategy. Partner Low Kah Keong is leading the firm’s team in transaction.

AZB & Partners has advised Lone Star Global Acquisitions on Rajiv Rattan’s Rs6.1 billion (US$73.5m) acquisition of equity stake in RattanIndia Finance from Lone Star Global Acquisitions. Partners Ajay Bahl, Anil Kasturi, Vijayendra Pratap Singh, Abhinav Ashwin, Abhimanyu Chopra, Anisha Shridhar, Aditya Jalan and Dhiraj Kumar Totala led the firm’s team in the transaction, which was completed on February 1, 2024.

AZB & Partners has also advised TPG Capital-TPG SG Magazine (TPG Asia VIII) and Phoenix Bear Investments (CalPers) on their acquisition of equity stake in Manipal Health Enterprises from Kabru Investments (Temasek). Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Bharat Budholia led the firm’s team in the transaction which was completed on January 8, 2024.

Moreover, AZB & Partners is advising Nordic Capital on the acquisition by its portfolio entity, Sepia Holdco, of Zafin Labs Americas and its Indian subsidiary, Zafin Software Centre of Excellence, from multiple sellers, including Al Karim Somji and 1464086 BC. Partners Ashwath Rau and John Raghav are leading the firm’s team in the transaction, which was signed on February 8, 2024 and is yet to be completed.

Baker McKenzie has advised Weave Living, Asia Pacific’s preeminent living sector specialist, on its joint venture with a fund managed by BlackRock, the world’s largest asset manager, to acquire Citadines Mount Sophia, a serviced apartment residence at 8 Wilkie Road in Singapore. The newly acquired property, which marks Weave’s second in Singapore and 22nd location in Asia Pacific, will undergo an extensive year-long renovation, and will reopen under the company’s contemporary serviced accommodation brand, Weave Suites, in early 2025. The JV partners anticipate a significant increase in yield and eventual capital value of the property through Weave Living’s active operations and asset enhancement capabilities. Partner Jason Ng led the firm’s team in the transaction.

Clifford Chance has advised BlackRock’s Climate Finance Partnership on its investment in Ditrolic Energy Holdings (DEH), one of the largest renewable energy developers in Malaysia and South East Asia. The investment will support Ditrolic Energy’s plans to reach its targeted 1GW+ pipeline of solar projects through the expansion of its portfolio of commercial and industrial and utility-scale solar assets in Malaysia, Bangladesh, Indonesia and the Philippines. The portfolio is expected to eliminate an estimated 2.7 million tonnes of CO2 emissions, while improving access to electricity for approximately 52,000 consumers and providing around 3,500 jobs. The development of these solar assets is expected to contribute to these countries’ energy resilience and transition. A flagship public-private finance vehicle managed by BlackRock, the Climate Finance Partnership seeks to accelerate the flow of capital into climate-related investments in emerging markets. It is formed by a global consortium of investors, including institutional investors, the governments of France (AfD), Germany (KFW) and Japan (JBIC), and leading impact US organisations. A fully-integrated value chain from project development, financing, EPC through to O&M and asset management, Ditrolic Energy is currently operating and constructing more than 450MW of solar assets in Malaysia, other Southeast Asia countries, Bangladesh and China. Partner Nadia Kalic, supported by partner Chad Bochan, led the firm’s multi-jurisdictional team in the transaction. Kadir Andri & Partners, DFDL, Fikry Gunawan and PJS Law advised on local law in Malaysia, Bangladesh, Indonesia and the Philippines, respectively.

Rajah & Tann Singapore has acted for Neurowyzr on its additional US$2.1 million seed funding led by Jungle Ventures and Peak XV Partners’ Surge. Neurowyzr is a Singapore-based neuroscience and brain capital company which uses discoveries in neuroscience, advanced analytics and AI to optimize corporate and population brain health and performance. Partners Tracy Ang and Penelope Loh led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Jebsen & Jessen on the acquisition of the industrial products division of the Konecranes group across various countries, including Singapore, Australia, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Partner Terence Quek led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Inventurus Knowledge Solutions on its offshore financing to acquire Aquity Solutions via reverse merger process, including issuance of guarantee to JP Morgan Chase Bank, Sumitomo Mitsui Banking Corporation and Citibank (the lenders). The deal also included the creation of a special purpose vehicle based in the US for acquiring and merging with the Aquity Solutions. Partners Veena Sivaramakrishnan, Zubin Mehta and Mohit Bhatia, supported by partner Nikhil Naredi, led the firm’s team in the transaction, which was valued at US$200 million and closed on November 15, 2023.

S&R Associates has represented JM Financial and ICICI Securities, as the book-running lead managers, on the Rs6 billion (US$72.3m) IPO by Rashi Peripherals, a leading national distribution partner for global technology brands in India for information and communications technology products. Partner Jabarati Chandra led the firm’s team in the transaction.

AZB & Partners has advised Lone Star Global Acquisitions on Rajiv Rattan’s Rs6.1 billion (US$73.5m) acquisition of equity stake in RattanIndia Finance from Lone Star Global Acquisitions. Partners Ajay Bahl, Anil Kasturi, Vijayendra Pratap Singh, Abhinav Ashwin, Abhimanyu Chopra, Anisha Shridhar, Aditya Jalan and Dhiraj Kumar Totala led the firm’s team in the transaction, which was completed on February 1, 2024.

AZB & Partners has also advised TPG Capital-TPG SG Magazine (TPG Asia VIII) and Phoenix Bear Investments (CalPers) on their acquisition of equity stake in Manipal Health Enterprises from Kabru Investments (Temasek). Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Bharat Budholia led the firm’s team in the transaction which was completed on January 8, 2024.

Moreover, AZB & Partners is advising Nordic Capital on the acquisition by its portfolio entity, Sepia Holdco, of Zafin Labs Americas and its Indian subsidiary, Zafin Software Centre of Excellence, from multiple sellers, including Al Karim Somji and 1464086 BC. Partners Ashwath Rau and John Raghav are leading the firm’s team in the transaction, which was signed on February 8, 2024 and is yet to be completed.

Baker McKenzie has advised Weave Living, Asia Pacific’s preeminent living sector specialist, on its joint venture with a fund managed by BlackRock, the world’s largest asset manager, to acquire Citadines Mount Sophia, a serviced apartment residence at 8 Wilkie Road in Singapore. The newly acquired property, which marks Weave’s second in Singapore and 22nd location in Asia Pacific, will undergo an extensive year-long renovation, and will reopen under the company’s contemporary serviced accommodation brand, Weave Suites, in early 2025. The JV partners anticipate a significant increase in yield and eventual capital value of the property through Weave Living’s active operations and asset enhancement capabilities. Partner Jason Ng led the firm’s team in the transaction.

Clifford Chance has advised BlackRock’s Climate Finance Partnership on its investment in Ditrolic Energy Holdings (DEH), one of the largest renewable energy developers in Malaysia and South East Asia. The investment will support Ditrolic Energy’s plans to reach its targeted 1GW+ pipeline of solar projects through the expansion of its portfolio of commercial and industrial and utility-scale solar assets in Malaysia, Bangladesh, Indonesia and the Philippines. The portfolio is expected to eliminate an estimated 2.7 million tonnes of CO2 emissions, while improving access to electricity for approximately 52,000 consumers and providing around 3,500 jobs. The development of these solar assets is expected to contribute to these countries’ energy resilience and transition. A flagship public-private finance vehicle managed by BlackRock, the Climate Finance Partnership seeks to accelerate the flow of capital into climate-related investments in emerging markets. It is formed by a global consortium of investors, including institutional investors, the governments of France (AfD), Germany (KFW) and Japan (JBIC), and leading impact US organisations. A fully-integrated value chain from project development, financing, EPC through to O&M and asset management, Ditrolic Energy is currently operating and constructing more than 450MW of solar assets in Malaysia, other Southeast Asia countries, Bangladesh and China. Partner Nadia Kalic, supported by partner Chad Bochan, led the firm’s multi-jurisdictional team in the transaction. Kadir Andri & Partners, DFDL, Fikry Gunawan and PJS Law advised on local law in Malaysia, Bangladesh, Indonesia and the Philippines, respectively.

Rajah & Tann Singapore has acted for Neurowyzr on its additional US$2.1 million seed funding led by Jungle Ventures and Peak XV Partners’ Surge. Neurowyzr is a Singapore-based neuroscience and brain capital company which uses discoveries in neuroscience, advanced analytics and AI to optimize corporate and population brain health and performance. Partners Tracy Ang and Penelope Loh led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Jebsen & Jessen on the acquisition of the industrial products division of the Konecranes group across various countries, including Singapore, Australia, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Partner Terence Quek led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Inventurus Knowledge Solutions on its offshore financing to acquire Aquity Solutions via reverse merger process, including issuance of guarantee to JP Morgan Chase Bank, Sumitomo Mitsui Banking Corporation and Citibank (the lenders). The deal also included the creation of a special purpose vehicle based in the US for acquiring and merging with the Aquity Solutions. Partners Veena Sivaramakrishnan, Zubin Mehta and Mohit Bhatia, supported by partner Nikhil Naredi, led the firm’s team in the transaction, which was valued at US$200 million and closed on November 15, 2023.

S&R Associates has represented JM Financial and ICICI Securities, as the book-running lead managers, on the Rs6 billion (US$72.3m) IPO by Rashi Peripherals, a leading national distribution partner for global technology brands in India for information and communications technology products. Partner Jabarati Chandra led the firm’s team in the transaction.

AZB & Partners is advising Bharti Hexacom and Telecommunications Consultants India on the IPO, via an offer for sale, of up to 100 million equity shares by Telecommunications Consultants India. The draft red herring prospectus was filed with the SEBI on January 19, 2024. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction, which is yet to be completed.

AZB & Partners is also advising Internet Fund V, a fund managed by Tiger Global Management, on the Rs4.14 billion (US$50m) acquisition by the Oaks Group, consisting of Oaks Consumer Fund-I, Oaks Asset Management and V’ocean Investments, and Tanjung Buai Ventures (Khazanah) of more than 10 percent equity stake in WOW Momo Foods. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on January 12, 2024 and is yet to be completed.

Moreover, AZB & Partners has advised Genesys Cloud Services Holdings III on its acquisition of Radarr Technologies, including Radarr Technologies India. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was signed on January 21, 2024 and completed on January 22, 2024.

Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, has represented TA Associates, a leading global private equity firm, on the sale of InCorp Global. Headquartered in Singapore, InCorp is a leading provider of corporate solutions and business advisory in Asia Pacific with operating presence across Singapore, Indonesia, Malaysia, Vietnam, the Philippines, Australia, India and Hong Kong. Singapore M&A principals Theodore Heng and Andrew Martin, supported by Baker McKenzie’s multidisciplinary experts across Australia, Hong Kong, Indonesia, Malaysia, the Philippines and Vietnam, led the firm’s team in the transaction.

Carey Olsen Hong Kong has acted as Cayman Islands counsel to Align Partners Capital Management (APCM) on the formation of Align Partners Korea Fund, Align Partners Korea (Non-US) Feeder Fund and Align Partners Korea (US) Feeder Fund. The fund is sub-managed by Seoul-based APCM, an activist fund manager renowned for applying a bottom-up, long term “Private Equity Approach to Korean Public Equity Markets” investment strategy focused on listed Korean equities. The successful launch of the fund represents a crucial milestone in APCM’s ongoing efforts in providing investors interested in partnering with APCM with access to Korea’s rapidly developing corporate governance landscape. The fund is a successor to the Korea-domiciled Align Partners Fund I, a vintage fund launched by APCM in 2021, and has attracted a significant participation from a well-known US value manager as the inaugural anchor investor. Corporate partner Michael Padarin led the firm’s team in the transaction, working alongside White & Case on international matters and Kim & Chang on Korean law matters.

Clifford Chance has advised APG Asset Management, one of the world’s largest pension investors, on the establishment of and its co-investment, alongside sovereign wealth funds Abu Dhabi Investment Authority and Indonesia Investment Authority, in Indonesia’s first toll road investment platform. The investment is in Indonesia’s Trans-Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang, the initial seed assets for the toll road investment platform, which is targeting up to US$2.75 billion of investment in Indonesia’s toll road networks. The investments in the Kanci-Pejagan and Pejagan-Pemalang toll road sections is expected to boost Indonesia’s regional connectivity and economic development. Singapore partner Melissa Ng led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised on the issuance of listed, secured non-convertible debentures of up to Rs5 billion (US$60.2m) on a private placement basis by Adani Ports and Special Economic Zone. The issuance is accompanied by a sophisticated security arrangement, uniquely designed to secure the NCDs through receivables from the inter-corporate debts between the issuer and its subsidiaries. Partner Pururaj Bhar led the firm’s team in the transaction, which was signed on January 8, 2024 and closed on January 10, 2024.

JSA has represented Groupe Astek on its acquisition of Sinergia Media Labs (Simelabs) and its subsidiary Goodbits Tech. Astek has acquired a majority shareholding in Simelabs, with a commitment for a long-term partnership with the sellers. Groupe Astek is a French global conglomerate that provides engineering services in advanced technology and IT to a wide array of industries and sectors. This is the first acquisition by Groupe Astek of an Indian company, and marks the entry of Groupe Astek into the Indian market.  Headquartered in Kochi, India, Simelabs is a digital solutions and services provider with expertise in executing projects worldwide in the fields of business mobility, artificial intelligence, data science, machine learning, IoT, cloud and AR/VR technology. Partner Archana Tewary led the firm’s team in the transaction.

Clifford Chance has advised APG Asset Management, one of the world’s largest pension investors, on the establishment of and its co-investment, alongside sovereign wealth funds Abu Dhabi Investment Authority and Indonesia Investment Authority, in Indonesia’s first toll road investment platform. The investment is in Indonesia’s Trans-Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang, the initial seed assets for the toll road investment platform, which is targeting up to US$2.75 billion of investment in Indonesia’s toll road networks. The investments in the Kanci-Pejagan and Pejagan-Pemalang toll road sections is expected to boost Indonesia’s regional connectivity and economic development. Singapore partner Melissa Ng led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised on the issuance of listed, secured non-convertible debentures of up to Rs5 billion (US$60.2m) on a private placement basis by Adani Ports and Special Economic Zone. The issuance is accompanied by a sophisticated security arrangement, uniquely designed to secure the NCDs through receivables from the inter-corporate debts between the issuer and its subsidiaries. Partner Pururaj Bhar led the firm’s team in the transaction, which was signed on January 8, 2024 and closed on January 10, 2024.

JSA has represented Groupe Astek on its acquisition of Sinergia Media Labs (Simelabs) and its subsidiary Goodbits Tech. Astek has acquired a majority shareholding in Simelabs, with a commitment for a long-term partnership with the sellers. Groupe Astek is a French global conglomerate that provides engineering services in advanced technology and IT to a wide array of industries and sectors. This is the first acquisition by Groupe Astek of an Indian company, and marks the entry of Groupe Astek into the Indian market.  Headquartered in Kochi, India, Simelabs is a digital solutions and services provider with expertise in executing projects worldwide in the fields of business mobility, artificial intelligence, data science, machine learning, IoT, cloud and AR/VR technology. Partner Archana Tewary led the firm’s team in the transaction.

Saraf and Partners has acted as Indian counsel to the Indian Renewable Energy Development Agency (IREDA) and its promoter, the Ministry of New and Renewable Energy of India, on IREDA’s approximately Rs21.5 billion (US$259m) IPO, comprising a fresh issue aggregating to Rs12.9 billion (US$155m) and an offer for sale by the promoter aggregating to Rs8.6 billion (US$103.5m). IREDA is India’s largest pure-play green financing NBFC, with over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy projects and energy efficiency and conservation projects. The IPO witnessed strong investor response, being subscribed 38.80 times overall, and 104.57 times in the QIB category. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction. Hogan Lovells acted as international counsel, while Denton Link Legal acted as Indian counsel to IDBI Capital Markets and Securities, BOB Capital Markets and SBI Capital Markets, as the book-running lead managers.

Shardul Amarchand Mangaldas has advised JSW Group on the acquisition of 35 percent stake in Morris Garages Motor India (MGI) via primary investment in MGI and secondary acquisition of shares from MGI’s promoter SAIC Motor. Partners Deepto Roy and Dnyanraj Desai, supported by partners Gauri Chhabra, Mukul Baveja, Veena Sivaramakrishnan, Mohit Bhatia and Jay Gandhi, led the firm’s team in the transaction, which was signed on November 30, 2023 and approved by the Competition Commission of India on January 23, 2024. Herbert Smith Freehills, led by partners Siddhartha Shukla and Calvin Ho, advised on international aspects while Orrick, Herrington & Sutcliffe acted as international counsel. AZB & Partners acted as Indian counsel, while Landing Law Offices acted as Chinese counsel to Morris Garages Motor India and SAIC Motor.

Shardul Amarchand Mangaldas has also advised Petronet LNG, along with the other Indian parties, on the 20-year LNG Sale and Purchase Agreement executed between Petronet LNG and QatarEnergy for the purchase of around 7.5 MTPA of LNG annually. The deal is valued at approximately US$78 Billion at present prices, and was closed on February 6, 2024. The LNG is expected to be onsold to Indian Oil, Bharat Petroleum and GAIL India. Partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is one of the largest transactions in the natural gas space in India, and would account for more than 35 percent of India’s present LNG imports.

Moreover, Shardul Amarchand Mangaldas has advised on the proposed composite scheme of arrangement involving the merger of Mangalore Chemicals & Fertilisers with and into Paradeep Phosphates. As an integral part of the scheme of arrangement, the deal also contemplates a transfer of shares of Mangalore Chemicals and Fertilizers from Zuari Agro Chemicals to Zuari Maroc Phosphates. The proposed combined entity will become one of the largest integrated private sector fertilizer companies in India, with a total manufacturing capacity of approximately 3.6 MMTPA. Executive chairman Shardul S Shroff and partners Gunjan Shah, Karun Prakash and Sangamitra Sankaraiah, supported by partners Rohan Arora and Aman Singh Sethi, led the firm’s team in the transaction. AZB & Partners advised OCP Group Morocco, an indirect shareholder of Paradeep Phosphates.

S&R Associates has represented Hitachi Payment Services, a payments and commerce solutions provider, on its acquisition of Writer Corporation’s cash management business, through its subsidiary Hitachi Cash Management Services. Partners Sanjeev Adlakha and Rachael Israel led the firm’s team in the transaction.

Trilegal has advised Nuvama Asset Management on its strategic 50:50 joint venture with Cushman & Wakefield, through Cushman and Wakefield India, for investing in commercial real estate assets in India. The JV entity proposes to raise its first fund, with a target corpus of Rs30 billion (US$361.3m), that will be invested in prime commercial offices across India’s high-growth markets. The JV aims to leverage Nuvama’s superior expertise in fund management and Cushman’s global expertise in the commercial real estate industry to offer Indian investors a platform to invest in commercial real estate assets in India. Corporate partners Kunal Chandra and Kabeer Mathur, supported by funds partners Ganesh Rao, Aditya Jha and Yash Bansal and intellectual property partner Kirti Balasubramanian, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas has also advised Petronet LNG, along with the other Indian parties, on the 20-year LNG Sale and Purchase Agreement executed between Petronet LNG and QatarEnergy for the purchase of around 7.5 MTPA of LNG annually. The deal is valued at approximately US$78 Billion at present prices, and was closed on February 6, 2024. The LNG is expected to be onsold to Indian Oil, Bharat Petroleum and GAIL India. Partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is one of the largest transactions in the natural gas space in India, and would account for more than 35 percent of India’s present LNG imports.

Moreover, Shardul Amarchand Mangaldas has advised on the proposed composite scheme of arrangement involving the merger of Mangalore Chemicals & Fertilisers with and into Paradeep Phosphates. As an integral part of the scheme of arrangement, the deal also contemplates a transfer of shares of Mangalore Chemicals and Fertilizers from Zuari Agro Chemicals to Zuari Maroc Phosphates. The proposed combined entity will become one of the largest integrated private sector fertilizer companies in India, with a total manufacturing capacity of approximately 3.6 MMTPA. Executive chairman Shardul S Shroff and partners Gunjan Shah, Karun Prakash and Sangamitra Sankaraiah, supported by partners Rohan Arora and Aman Singh Sethi, led the firm’s team in the transaction. AZB & Partners advised OCP Group Morocco, an indirect shareholder of Paradeep Phosphates.

S&R Associates has represented Hitachi Payment Services, a payments and commerce solutions provider, on its acquisition of Writer Corporation’s cash management business, through its subsidiary Hitachi Cash Management Services. Partners Sanjeev Adlakha and Rachael Israel led the firm’s team in the transaction.

Trilegal has advised Nuvama Asset Management on its strategic 50:50 joint venture with Cushman & Wakefield, through Cushman and Wakefield India, for investing in commercial real estate assets in India. The JV entity proposes to raise its first fund, with a target corpus of Rs30 billion (US$361.3m), that will be invested in prime commercial offices across India’s high-growth markets. The JV aims to leverage Nuvama’s superior expertise in fund management and Cushman’s global expertise in the commercial real estate industry to offer Indian investors a platform to invest in commercial real estate assets in India. Corporate partners Kunal Chandra and Kabeer Mathur, supported by funds partners Ganesh Rao, Aditya Jha and Yash Bansal and intellectual property partner Kirti Balasubramanian, led the firm’s team in the transaction.

AZB & Partners has advised Nuvama Wealth Management (formerly known as Edelweiss Securities) and DAM Capital Advisors, as the book-running lead managers, on the qualified institutions placement of Sterling and Wilson Renewable Energy’s equity shares with face value of Rs1 (US$0.012) each for Rs15 billion (US$181m). Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on December 14, 2023.

Allen & Gledhill has acted as transaction counsel to DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation and Sumitomo Mitsui Banking Corporation Singapore Branch on the S$970 million (US$721m) term and revolving loan facilities to Jewel Changi Airport Trustee, the trustee-manager of Jewel Changi Airport Trust. The facilities will be used to refinance the development of Jewel Changi Airport. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also advised DCW and DCKC on the S$535 million (US$397m) green loan facilities granted by DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and Standard Chartered Bank (Singapore) to DCW and DCKC. The loan facilities were intended to refinance borrowings and support the operations of two of Singtel’s data centres, DC West and DC Kim Chuan. Partner Ong Kangxin led the firm’s team in the transaction, which is the first green loan obtained by Singtel.

Moreover, Allen & Gledhill has acted as transaction counsel to Square Peg and Novo Holdings on jointly leading the US$40.8 million series C1 extension all-equity funding round in Doctor Anywhere, a Singapore-headquartered regional tech-led healthcare company. With a strong network of established healthcare providers and experienced doctors, the Doctor Anywhere mobile app empowers users to consult a licensed local doctor anytime, anywhere, and get medication delivered to their doorsteps within hours. Partner Nicholas Soh led the firm’s team in the transaction.

Clifford Chance has advised Hong Kong-listed AIA Group on its US$2.638 billion automatic guaranteed discounted volume weighted average price (VWAP) share buy-back programme, under its US$10 billion ongoing on-market share buy-back programme announced in March 2022. This is the first guaranteed discounted VWAP share buy-back programme established by a Hong Kong-listed company under new guidance published by the Hong Kong Stock Exchange in October 2023. The largest independent publicly listed pan-Asian life insurance group with presence in 18 markets, AIA offers a range of products and services, including life insurance, accident and health insurance and savings plans. Partners Virginia Lee and Francis Edwards led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital and Ambit, as the book-running lead managers, on the IPO of India Shelter Finance. The debut offering consisted of India Shelter Finance’s approximately 24.34 million equity shares at face value of Rs5 (US$0.06) each for cash, at a price of Rs493 (US$5.94) per equity share at face value of Rs5 (US$0.06) each, including a securities premium of Rs488 (US$5.88) per equity share, aggregating to Rs12 billion (US$144.5m). Partners Yash Ashar (capital markets head) and Reuben Chacko (southern regional markets co-head) led the firm’s team in the transaction, which was signed on December 16, 2023 and closed on December 20, 2023. Sidley Austin acted as international counsel.

Cyril Amarchand Mangaldas has also advised Zenex on its acquisition of 100 percent stake in Ayurvet. Partner Ravi Shah, supported by partners Ashish Jain and Lakshmi Prakash, led the firm’s team in the transaction, which closed on December 14, 2023. Juris Legal advised Ayurvet.

Davis Polk has advised New York-listed Amer Sports on its SEC-registered IPO of 105 million ordinary shares for total gross proceeds of US$1.37 billion. The underwriters have an option to purchase up to an additional 15.75 million ordinary shares. The offering was expected to close on February 5, 2024, subject to the satisfaction of customary closing conditions. Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance and Atomic. Elevating the world through sport – from courts to slopes, from cities to mountains and everywhere in between – Amer Sports aims to inspire people to explore and experience the joy of sports and outdoor activities, and lead better, healthier lives. Partners Li He, Michael Kaplan and Roshni Banker Cariello, supported by partners Jennifer Conway (executive compensation) and Michael Mollerus (tax), led the firm’s team in the transaction.

Khaitan & Co has advised Tata Consumer Products on acquiring 100 percent equity stake of Capital Foods via secondary purchase of shares from the Capital Foods promoter and existing shareholders for a total consideration of Rs51 billion (US$614m). The transaction contemplates the acquisition of 75 percent stake upfront, with the remaining 25 percent to be acquired within three years, subject to process and trigger events agreed in the transaction documents. Through this strategic investment, Tata Consumer Products announced its entry into the “desi chinese” food category. Capital Foods markets its products in the desi Chinese category under the primary brand name “Chings” and “Smith & Jones”. Senior partner Haigreve Khaitan and partners Surbhi Kejriwal and Anshuman Mozumdar, supported by executive director Vinita Krishnan and partners Shailendra Bhandare, Amit Haresh Wadhwani, Anshul Prakash, Kingshuk Banerjee and Anshuman Sakle, led the firm’s team in the transaction, which is the biggest acquisition, in terms of deal value, by Tata Consumer Products.

Khaitan & Co has also advised General Atlantic on the Indian aspects of its acquisition of Actis. The acquisition will create a diversified, global investment platform with approximately US$96 billion in combined assets under management. Under the terms of the definitive documents, Actis will become the sustainable infrastructure arm within General Atlantic’s global investment platform. Partner Rabindra Jhunjhunwala, supported by partners Moin Ladha, Divaspati Singh, Anisha Chand, Smriti Yadav, Deepak Kumar, Kingshuk Banerjee, Avnish Sharma and Abhiraj Gandhi, led the firm’s team in the transaction, which is subject to customary closing conditions, including regulatory and anti-trust approvals and investor consents. Paul, Weiss, Rifkind, Wharton & Garrison, led by partners Matthew Abbott, Cullen Sinclair and Conrad van Loggerenberg, also advised on the deal.

Rajah & Tann Singapore has acted for Grand Apex Holdings on the sale to a Hong Kong investment company of the iconic Popular Holdings, which has a presence in Singapore, Malaysia, China and the United States. The Popular bookstore chain has been operational in Singapore since 1924, and has been a staple entity to many Singaporeans with their wide range of English and Chinese literature, as well as assessment books. Capital markets / M&A partners Lim Wee Hann and Loh Chun Kiat supported by corporate real estate partners Norman Ho and Benjamin Tay, led the firm’s team in the transaction.

Rajah & Tann Singapore and Assegaf Hamzah & Partners, member firms of Rajah & Tann Asia, have advised Marubeni Growth Capital Asia (MGCA) on its acquisition of a significant minority stake in Oneject Indonesia, a leading manufacturer of medical consumables in Indonesia. The investment in Oneject represents MGCA’s first transaction in the healthcare sector in Southeast Asia, and its third investment overall. Partners Sandy Foo, Valerie Ngooi, Benjamin Cheong and Goh Jun Yi led the firm’s team in the transaction.

Rajah & Tann Singapore and Rajah & Tann LCT Lawyers have advised Marubeni Growth Capital Asia, a wholly-owned subsidiary of Marubeni Corporation, on its acquisition of a strategic minority stake in AIG Asia Ingredients, a leading supplier and manufacturer of food ingredients and packaged food product in Vietnam. Partners Sandy Foo, Goh Jun Yi and Que Vu, alongside counsel Trinh Minh Duc, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas has advised GMR Airports on the acquisition of 11 percent shareholding in GMR Hyderabad International Airport, thereby increasing GMR Group’s stake in Hyderabad airport from 63 percent to 74 percent. This acquisition represents 10.998 percent of share capital from MAHB (Mauritius) and 0.002 percent of GMR Hyderabad International Airport’s share capital from Malaysia Airports Holdings. Infrastructure, energy and project finance national head Jatin Aneja and partner Prashant Sirohi led the firm’s team in the transaction, which was valued at approximately US$100 million and closed on January 25, 2024. MAHB (Mauritius) and Malaysia Airports Holdings were advised by AZB & Partners and Trowers & Hamlins.

Shardul Amarchand Mangaldas has also advised Petronet LNG, India’s largest liquefied natural gas importer, on the setting up of the first LNG storage and regasification terminal at the recently constructed Gopalpur Port in Orrisa. Infrastructure, energy and project finance partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is valued at approximately US$277 million. Gopalpur Ports was advised by Quillon Partners.

Moreover, Shardul Amarchand Mangaldas has advised Vidal Healthcare Services and its group entities on its acquisition by Bajaj Finserv Health. Partners Shailaja Lall and Shivangi Talwar led the firm’s team in the transaction, which is valued at approximately US$39.1 million and was signed on January 30, 2024. Chitale Legal advised Bajaj Finserv Health.

S&R Associates has represented S&P Global, the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity market, on the Indian aspects of the US$975 million sale of its Global Engineering Solutions Business to investment funds managed by KKR, a leading global investment firm. Partners William Vivian John, Ajinkya Gunjan Mishra and Sumit Bansal led the firm’s team in the transaction.

Trilegal has acted as transaction counsel to Kerala Infrastructure Investment Fund Board (KIIFB), a statutory body and one of the largest state public sector undertakings in Kerala, the debenture holders and the arrangers (comprising of Trust Group, Tipsons Group and AK Capital) on KIIFB’s issuance of rupee-denominated listed and unsecured non-convertible debentures aggregating to approximately Rs10 billion (US$120m), and the re-issuance of rupee-denominated listed and unsecured non-convertible debentures aggregating to INR 4.97 billion (US$60m). The non-convertible debentures are supported by an unconditional and irrevocable guarantee issued by the Kerala government. Banking and finance partner Joseph Jimmy led the firm’s team in the transaction.

Trilegal has also advised Milestone Technologies, a global IT Services and Digital Solutions company based in Silicon Valley, on its US$26 million acquisition in four tranches of 100 percent stake in Suyati Technologies and its subsidiaries in the US and Canada. Kochi, India-headquartered Suyati Technologies is an IT company providing technology services and solutions in Microsoft and Cloud Technologies, Salesforce Platform and Advanced Analytics. Corporate partner Clarence Anthony, supported by partners Jyotsna Jayaram (TMT), Swarnima (labour and employment) and Samsuddha Majumder (tax), led the firm’s team in the transaction.

Moreover, Trilegal has advised Ontario Teachers’ Pension Plan (OTPP) on multiple rounds of approximately US$114 million follow-on investments, via a combination of routes, in Highways Infrastructure Trust, a SEBI-registered infrastructure investment trust sponsored by KKR. The Highways Infrastructure Trust owns a mixed portfolio of toll and annuity road assets. OTPP has stepped-up its stake in the unit capital of Highways Infrastructure Trust to 19.5 percent from 7.51 percent, which was acquired in 2022 as part of the initial offering of these units. Corporate partners Sanjam Arora and Vishal Sagar led the firm’s team in the transaction.