In the biggest consolidation move in the online travel agency (OTA) space in India, NASDAQ-listed MakeMyTrip Ltd is buying Ibibo Group, which is co-owned by South African technology group Naspers Ltd and Chinese investment firm Tencent, in a stock deal, reported Techcircle. Naspers and Tencent jointly held a 91% and 9% stake in Ibibo respectively and the deal is valued at $720 million, according to Mint. Deal MakeMyTrip acquires Ibibo Value 4815 crore ($720 million) Deal Type M&A Sector OTA Law Firms S&R Associates – MakeMyTrip (Indian); Latham & Watkins – MakeMyTrip (International) Trilegal – Nasper and Ibibo (Indian); Cravath […]

Bangalore-based creative marketing agency Happy Creative Services is being acquired by Dentsu Aegis Network. This deal marks the first McGarryBowen agency in India as it expands its footprint in Asia. Deal Dentsu Aegis acquires Happy Creative Services Value Undisclosed Deal Type M&A Sector IT/Marketing Law Firms IndusLaw  – Happy Creative; DSK Legal– Dentsu Partners IndusLaw – Kartik Ganapathy and Nishant Singh; DSK – Satish Kishanchandani Happy Creative was advised by IndusLaw; Partners Kartik Ganapathy and Nishant Singh led the team, which also included Senior Associate Mini Kapoor and Associates Sonu Varghese, Anindita Ganguly and Ramya Sridhar. Dentsu was represented by a […]

Solar power giant Canadian Solar has acquired a 49% stake in Amun Solarfarms Limited and Avighna Solarfarms Limited, two SPVs set up by Suzlon Energy Limited in Telangana. Deal Canadian Solar acquires 49% stake in two Suzlon SPVs Value Undisclosed Deal Type M&A Sector Energy/Infrastructure Law Firms IndusLaw  – Canadian Solar; Cyril Amarchand Mangaldas – Suzlon Partners IndusLaw – Avirup Nag; CAM – Ajay Sawhney Canadian Solar was represented by IndusLaw. The team was led by Partner Avirup Nag, along with Principal Associates Abhishek Bhalla and Ray Vikram Nath, and Associates Rohan Ghosh and Niyati Bhatt. Suzlon was advised by its in-house legal team […]

Russian oil giant Rosneft is buying a 49 per cent stake in Essar Oil. European commodities trader Trafigura and Russian fund UCP consortium will also pick up a 49 per cent stake in Essar, leaving existing promoters – the Ruia family  – with a 2 per cent stake, reported MoneyControl. The deal is valued at USD 12.9 billion, making it the largest ever FDI deal into India and the largest outbound acquisition by Russia. Deal Rosneft acquires 49% stake in Essar Oil, Trafigura, UCP acquire 49% stake Value Rs. 8600 crore ($12.9 billion) Deal Type M&A Sector Infrastructure Law Firms Cyril Amarchand […]

Emerald Media, a pan-Asian media investment platform set up by US private equity giant KKR, has invested $50 (Rs.332 crore) million to buy a significant minority stake in YuppTV. Nishith Desai Associates acted for Emerald Media and the team was led by Co-Head of the Private Equity and M&A Practice – Simone Reis, along with Senior Associate Kartik Maheshwari and Associate Rishabh Sharma. O’Melveny & Myers LLP acted as International legal counsel for Emerald with a team led by Partner Tobias Knapp. Gibson Dunn Partner Rashida K. La Lande acted for YuppTV, an over-the-top (OTT) video platform for South Asian content offering […]

Orient Cement, a firm owned by the Chandra Kant Birla group, is acquiring a 74 per cent stake in Bhilai Jaypee Cement and Nigrie cement grinding unit from Jaypee group at an enterprise value of Rs. 1,950 crore. Deal Orient Cement acquires Jaypee Cements two units Value Rs. 1,950 crore ($293 million) Deal Type M&A Sector Infrastructure Law Firms Cyril Amarchand Mangaldas – Orient Cement; Vaish Associates – Jaypee Group Partners CAM – Cyril Shroff, Smruti Shah, Aarti Joshi; Vaish – Martand Prakash Singh Cyril Amarchand Mangaldas advised Orient Cement with a team led by managing partner Cyril Shroff, who was supported by Mumbai […]

J. Sagar Associates (JSA) advised Claridges Hospitality in relation to the sale of 100% of its shareholding to Azure Hospitality. ‘Dhaba by Claridges’ has now been acquired by Azure, pursuant to a $10 million funding from Goldman Sachs. JSA team included Partners Upendra Nath Sharma and Pallavi Puri along with Associate Pranav Gadi. Azure was represented by Nishith Desai Associates’ Simone Reis.

Mid-market private equity firm Ambit Pragma Ventures has invested $10 million in health management company Vidal Healthcare Services. Deal Ambit Pragma Ventures invests in Vidal Healthcare Services Value $10 million Deal Type Private Equity Sector Insurance and third party administration Law Firms ELP – Ambit Pragma  Khaitan & Co – Vidal Healthcare Partners Darshan Upadhyay  (ELP), Ganesh Prasad (Khaitan) Economic Laws Practice acted for Ambit Pragma Ventures with a team led by Partner Darshan Upadhyay along with Senior Associate Amruta Kelkar, Associate Manager Pooja Chatterjee and Associates Sophia Mustafa and Alysha Razvi. Khaitan & Co advised Vidal Healthcare with a team led […]

Italy based LU-VE S.p.A  has signed a binding agreement to acquire 95% shares of Spirotech Heat Exchanges, an Indian company manufacturing and selling heat exchanger coils. The acquisition, which is worth about €31.92 million for 95% of the shares, will be undertaken by through LU-VE India. BMR Legal, acted as domestic counsels for LU-VE with a team lead by Partner Amit Khansaheb along with Principal Associate Nikhil Sachdeva, Senior Associate Rahul Chugh and Associate Mayank Malhotra. Studio Biscozzi Nobili, acted as international counsels for LU-VE with a team led by Partner Giancarlo Cortese  and Associate Cristiana Visco. J. Sagar Associates acted for Spirotech, with a team including Partner Manvinder Singh and Associate Upasana Gupta. […]

Naspers-owned online payments service provider PayU has bought Mumbai-based rival Citrus Pay for $130 million (865 crore). This is one of the biggest deals in the country’s emerging financial technology space, creating a new entity that will compete with Alibaba-backed Paytm, Snapdeal-owned FreeCharge and MobiKwik, reported ET. IndusLaw advised PayU and the team included Partner Srinivas Katta along with Principal Associate, Winnie Shekar and Senior Associate, Ashi Bhat. Partner, Avimukt Dar advised on competition law issues while Partner, Avik Biswas advised on employment law issues. P C Legal acted for Citrus Pay with a team led by Partner Vishnu Jerome along […]