Latest Deals from Law Firms and Legal Services Providers: 5th November 2025

AZB & Partners is advising International Holding Company (IHC), through its affiliate Avenir Investment, on the Rs88.5 billion (US$1b) acquisition of stake by Avenir Investment in Sammaan Capital. Partners Srinath Dasari, Nanditha Gopal and Abhilash Chandran are leading the firm’s team in the transaction, which was signed on October 2, 2025 and is yet to be completed.

AZB & Partners has also advised Oaktree Opportunities XII (Singapore) Holdings on extending financing to PV Krishna Reddy and family for the acquisition of a controlling stake in Megha Engineering & Infrastructures. Partners Nilang Desai, Qais Jamal and Saloni Thakkar led the firm’s team in the transaction, which was completed on September 1, 2025.

Moreover, AZB & Partners has advised GF on its US$240.6 million acquisition from Aurelius Alpha Invest New GmbH of VAG, including its Indian subsidiary VAG Valves (India). Partners Divya Mundra and Kritika Agarwal led the firm’s team in the transaction, which was completed on October 1, 2025.

A&O Shearman has acted as sole international counsel to Citigroup Global Markets India, JP Morgan India, ICICI Securities and Kotak Mahindra Capital, as the underwriters, on the Rs16.6 billion (US$187m) IPO of Orkla India. The IPO consisted of an offer for sale by Orkla Asia Pacific and certain other existing shareholders. The shares were listed in India’s stock exchanges on November 6, 2025. A subsidiary of Norway-listed Orkla ASA, Orkla India is a leading Indian food company with a strong presence in South India through its MTR and Eastern brands. The IPO reflects a broader trend of global conglomerates unlocking value by listing their Indian assets. Partner and India Group co-head Pallavi Gopinath Aney led the firm’s team in the transaction.

Baker McKenzie has acted as lead counsel to Buruj Cooperative Insurance on its successful merger with the Mediterranean and Gulf Insurance and Reinsurance (Medgulf), which was approved by the general assemblies of both Buruj and Medgulf on October 23, 2025. Under the terms of the transaction, Buruj will be merged into Medgulf, with all of Buruj’s rights, liabilities, assets and contracts being subsumed by Medgulf. In exchange, Medgulf will issue approximately 33.16 million new ordinary shares, each with a nominal value of SAR10.00 (US$2.67), to Buruj’s shareholders. This public merger is expected to create a stronger, more resilient insurance platform, with enhanced operational capabilities and broader customer reach across the Saudi market. It represents a landmark achievement for Buruj, being the first successful public merger completed under the newly established framework of the Insurance Authority – setting a precedent for future transactions in the sector. It also marks a significant milestone for Buruj, enabling its shareholders to benefit from enhanced scale and operational synergies through integration with Medgulf. Nadine Nassar led the firm’s team in the transaction.

Baker McKenzie Cairo has advised Egypt Kuwait Holding on its exit from Delta Insurance, a publicly listed insurer in Egypt, through a Mandatory Tender Offer presented by Wafa Assurance. This deal also marks the first acquisition of an insurance company under Egypt’s new insurance law, which came into effect in 2024. Mohamed Ghannam and partner Hani Nassef led the firm’s team in the transaction.

Clifford Chance has advised the Jardine Engineering Corporation (JEC) on its joint venture and strategic investment with ALBA Group Asia, a leading recycling and environmental services provider in Asia, in ALBA Green Gas Holding (AGG). A wholly- owned subsidiary of Jardine Matheson, JEC is a premiere engineering expert in Asia. The investment in AGG expands JEC’s footprint in the environmental engineering sector and waste-to-energy capabilities. The investment will also accelerate AGG’s ability to acquire and develop organic waste projects in China and across Asia. Partners Byan Koo and Kelly Gregory, supported by partner Phoebe Lo, led the firm’s team in the transaction. Julia Peng from Shanghai He Ping Law Firm provided Chinese law advice on IP aspects.

Clifford Chance has also advised CICC and other underwriters on leading data intelligence company Mininglamp Technology’s IPO and listing in Hong Kong. Listed with a weighted voting rights structure, Mininglamp Technology is a leading software company in China specialising in data intelligence. It provides solutions that help businesses improve their marketing and operations, both online and offline. By combining large-scale models, industry-specific expertise and multimodal data, the company supports smarter strategy design and decision-making. China practice chair and partner Tim Wang and partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.

Clifford Chance He Ping Joint Operation Office is advising LB Group on its acquisition of relevant assets in relation to the titanium dioxide (TiO₂) business from Venator Materials UK, a subsidiary of Venator Materials. The acquisition includes assets related to the TiO₂ business held by Venator UK, including real estate, machinery, spare parts, business records, intellectual property, inventory and other related assets. LB Group is a leading manufacturer of high-performance TiO₂ pigments. With over 35 years of TiO₂ pigment manufacturing experience, LB Group manufactures a wide range of TiO₂ pigments for all major applications using the sulfate process and the chloride process. China corporate head Glen Ma, China partners Bai Yong and Julia Peng, London partners Melissa Coakley, Erik O’Connor, Alis Pay, Stephen Reese, Alastair Windass, Sarah McAleer, Herbert Swaniker and Adam Hedley, director Simon Corzberg (UK) led the firm’s team in the transaction, which is subject to regulatory approvals and other applicable closing conditions. Clifford Chance and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.

CMS INDUSLAW has advised Zepto, a prominent player in India’s quick commerce industry, on its recent Series H funding round at US$7 billion valuation, marking a key milestone in the company’s journey. The funding round featured participation by several marquee investors. The fresh capital raised will support the company’s growth plans ahead of a potential IPO. Partners Winnie Shekhar and Rashi Bharadwaj led the firm’s team in the transaction.

CMS INDUSLAW has also advised Ingka Investments Sustainable Resources, the investment arm of largest IKEA retailer Ingka Group, on its acquisition of 100 percent shareholding of Saimaa Solar from IB Vogt Singapore. Saimaa Solar shall be operating subsidy-free 210 MWp solar project in Rajasthan. This marks Ingka Investments’ first investment in India’s renewable energy sector, as a part of its €97.5 million (US$11m) renewable energy commitment to India. Partners Harman Walia (corporate & M&A), Shashwat Kumar (projects) and Lokesh Shah (tax) led the firm’s team in the transaction.

Davis Polk has advised Jiangsu Zenergy Battery Technologies Group (Zenergy) on its placement of 45.92 million new H shares, for an aggregate consideration of approximately HK$504 million (US$65m). Zenergy is a lithium-ion battery manufacturer in China with a primary focus on the R&D, production and sales of EV battery products and ESS battery products, including integrated battery solutions and battery management systems dedicated to large-scale applications of electrochemical products. The firm also advised Zenergy on its HK$1.01 billion (US$130m) IPO in April 2025. The shares are listed in Hong Kong. Partners Li He and Jason Xu led the firm’s team in the transaction.

DLA Piper has advised CPE, a leading private equity firm based in Greater China, on its investment in SML Group, a global leader in Radio Frequency Identification (RFID) and brand identification solutions. CPE co-invested in SML alongside FountainVest, another private equity firm. SML is a trusted supply chain and digital transformation partner to the world’s leading apparel and retail brands. It specialises in delivering innovative end-to-end solutions across RFID, digital product passports, factory care solutions, digital IDs, and tags and labels. Operating in more than 20 countries, SML helps clients to enhance inventory accuracy, operational efficiency, sustainability tracking and consumer engagement through advanced digital technologies and its robust global manufacturing footprint. The company’s ongoing investment in R&D positions it as a leading innovator within the brand identification and digital intelligence ecosystem. CPE is a leading Asia-based alternative asset manager with extensive China experience, and approximately US$22 billion in assets under management. Focused on long-term value creation and sustainable growth, CPE invests across technology and industrials, consumer and healthcare, and infrastructure. CPE’s funds under management are supported by over 200 institutional investors worldwide, and its core investment team has completed more than 300 global investments, leveraging deep sector expertise and an extensive international network. Beijing corporate partner James Chang, supported by senior partner and China co-managing partner Roy Chan and partners Yang Ge (corporate), Shaobin Zhu (US patent litigation), Nathan Bush (Singapore-litigation & regulatory), David Smail (Singapore-employment head), Heng Loong Cheong (Hong Kong-corporate), Anderson Lam (Hong Kong-tax), Trinh Hoang (Hong Kong-finance) and Shanghai Kaiman Law Firm corporate head Stewart Wang, led the firm’s team in the transaction.

Goodwin has advised FountainVest, alongside CPE, a leading Asia-based alternative asset manager, on their investment in SML Group, a global leader in digital identification solutions, such as item-level Radio-Frequency Identification (RFID). SML is shaping the future of brand identification globally with smart, creative and sustainable solutions that elevate brands. Operating in more than 25 locations across more than 20 countries, SML delivers global insights and local expertise through a diverse and customer-focused team. Hong Kong private equity partner Daniel Dusek, supported by partners Stephen Howard (debt), Dulcie Daly (tax), Eram Khan (antitrust), Simone Waterbury (HSR), Ai Tajima (W&I), Huiya Wu (IPTS/IP Litigation), Jacob Osborn (global trade), Richard Matheny (global trade) and Curtis McCluskey (data privacy), led the firm’s team in the transaction.

JSA Advocates & Solicitors has advised Goyaz Jewellery and its founders on its Series A fundraise led by Norwest Venture Partners. This round marks Goyaz’s first institutional equity raise, cementing its leadership position in a high demand sector and geography. Partner Rishabh Gupta, supported by partner Preetha Soman, led the firm’s team in the transaction.

JSA Advocates & Solicitors has also advised Shri Modi Group and its affiliate, Antariksh Hotel & Resort, on the negotiation, drafting and execution of a Hotel Management Agreement and a Technical Services Agreement with Indian Hotels for a 153-key upscale hotel property in Jaipur, Rajasthan. This strategic collaboration marks the establishment of a new Taj-branded hotel, further strengthening Indian Hotel’s presence in the region. Partner Amitabh Sharma led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has advised CPP Group on the sale of its Indian subsidiary, CPP Assistance Services, to One Assist Consumer Solutions. The transaction involved the divestment of CPP Group’s entire 100 percent shareholding in CPP India to One Assist and its affiliate for a consideration of Rs1.74 billion (US$19.6m). CPP India provides assistance and protection services, offering a suite of white-labelled products in partnership with banks, NBFCs and fintech companies across India. Partner Ajay G Prasad, supported by partners Kumarmanglam Vijay and Surajkumar Shetty, led the firm’s team in the transaction.

Paul Hastings (Hong Kong) has advised China International Capital Corporation Hong Kong Securities (CICC) and UBS Securities Hong Kong, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners and joint lead managers, and other underwriters on the US$437 million global offering and listing of Ningbo Joyson Electronic in Hong Kong. Shanghai-listed Joyson Electronics is an intelligent automotive technology solution provider offering advanced products and solutions across the auto part industry’s key areas, primarily automotive electronics and automotive safety. Founding partner and Greater China chair Raymond Li and corporate partner Steven Hsu led the firm’s team in the transaction.

Rajah & Tann Singapore has advised Zenkyoren on a landmark US$100 million catastrophe bond, Nakama Re (Series 2025-1), providing earthquake risk protection in Japan. This first-of-its-kind deal uses Asian Development Bank bonds as collateral, marking a global milestone in the alignment of sustainable development goals with insurance-linked securities. Partners Simon Goh (insurance and reinsurance), Lee Xin Mei (capital markets) and Cheryl Tan (capital markets) led the firm’s team in the transaction.

Saraf and Partners has advised Goldi Solar and its promoter, Mr Ishverbhai Dholakiya, on the Rs14.22 billion (US$160m) fundraise of growth capital, across multiple tranches, from various high-net-worth individuals, institutional, strategic and prominent investors, including Havells India, Ambit Wealth, NSFO Ventures, Karmav Real Estate Holdings, SRF Transnational Holdings, Nikhil Kamath, Godwitt Construction and Shahi Exports. The deal not only involved investment but also established a strategic partnership with Havells, wherein Goldi has also agreed to install a dedicated module capacity of one gigawatt for manufacturing modules under the Havells brand name. The investment by Havells also triggered a composite CCI approval to be jointly obtained by both Havells and Goldi teams. Partner Navomi Koshy, supported by partner Akshayy S Nanda, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Lloyds Metals & Energy (LME) on its acquisition of a 49.99 percent stake of the total issued, subscribed and paid-up equity share capital of Thriveni Pellets from Thriveni Earthmovers (0.99 percent) and Adler Industrial Services (49 percent). The transaction was executed pursuant to a share purchase agreement dated August 12, 2025, marking a significant strategic investment by LME to strengthen its presence across the iron ore and steel value chain. The acquisition enables LME to enhance its pellet production capabilities, strengthening its raw material security and support in long term growth strategy, in line with its core business operations. Partners Dnyanraj Desai, Ritwik Bhattacharya, Manika Brar and Yogesh Chande led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised NPCI International Payments on its landmark strategic partnership with PayPal Network, a collaboration that sets the stage for a truly global and interoperable digital payments ecosystem designed to seamlessly connect consumers and businesses across borders. Through this partnership, PayPal World will integrate India’s pioneering Unified Payments Interface (UPI) into its global network, empowering users and enterprises worldwide to transact with unprecedented ease, security and transparency. This initiative represents a significant leap forward in expanding UPI’s global reach, and redefining the future of cross-border payments for millions of Indian consumers and merchants. By bridging some of the world’s largest payment systems and digital wallets, this collaboration aims to simplify the complex web of international money movement, and cement India’s position as a global leader in digital payments innovation. It marks a transformative step towards a more inclusive, borderless and efficient global payment architecture that embodies India’s vision of fintech-driven transformation. Partner Nishant Singh led the firm’s team in the transaction. PayPal Network was advised by A&O Shearman and Alston & Bird.

Moreover, Shardul Amarchand Mangaldas & Co has advised Norwest Capital on its US$15 million investment in Goyaz Jewellery, a manufacturer of jewellery constructed wholly or partially from silver or gold-plated silver or silver alloys. The transaction involved Norwest’s subscription to compulsorily convertible preference shares of Goyaz, and the purchase of equity shares from the founders. The investment reflects Norwest’s continued commitment to supporting high-growth, consumer-driven businesses in India’s evolving lifestyle and manufacturing sectors. Partners Aayush Kapoor and Srikant C V led the firm’s team in the transaction.

S&R Associates is representing Stelling Technologies (IntrCity), a tech-enabled intercity bus platform, on its Rs2.5 billion (US$28m) Series D funding round, led by A91 Partners. Partner Aparna Ravi led the firm’s team in the transaction.

TT&A has advised A91 Emerging Fund II on its lead investment (primary and secondary) in the Series D round of Stelling Technologies, a tech-enabled intercity bus travel platform operating under the popular brand name “IntrCity SmartBus”. Partners Sachin Mehta, Harshit Chandra and Nikhil Bahl led the firm’s team in the transaction. S&R Associates advised Stelling Technologies and the promoters, while Parakram Legal, Bombay Law Chambers and Samvad Partners represented the selling investors.

TT&A has also advised LCA Celestial on its follow-on investment in Sugar Brands (SUGAR Cosmetics). This fundraise round saw participation from other investors, including Anicut Capital. Partners Sachin Mehta and Harshit Chandra led the firm’s team in the transaction. Vertices Partner advised Sugar Cosmetics, while JSA advised Anicut Equity Continuum Fund.