UltraTech Cement Limited is acquiring the cement business of Kesoram Industries Limited.
The transaction is an all-share deal that is proposed to be implemented pursuant to a Composite Scheme of Arrangement between Kesoram, UltraTech and their respective shareholders and creditors.
The Scheme, inter alia, provides for (a) demerger of the cement business of Kesoram into UltraTech; and (b) the reduction and cancellation of the preference share capital of Kesoram.
Khaitan & Co, Mumbai advised UltraTech on the corporate side while Trilegal advised on Competition Law aspect..
Khaitan core deal team comprised Haigreve Khaitan (Senior Partner), Niren Patel (Partner), Aman Yagnik (Counsel), Shreya Mukherjee (Partner), Karan Nelivigi (Principal Associate), Jamsheed Dadachanji (Senior Associate) and Aman Bagaria (Associate) and was assisted by the following:
(a) Scheme of Arrangement related aspects: Rushabh Gala (Principal Associate);
(b) Transaction documentation aspects: Prakruti Shah (Associate); and
(c) Litigation related due diligence aspects: Zacarias Joseph (Principal Associate), Radhika Gupta (Principal Associate) and Kanika Sharma (Associate).
Kesoram was represented by Khaitan & Co, Kolkata. The core deal team comprised Arvind Jhunjhunwala (Partner) and Shounak Mitra (Principal Associate).
Trilegal is advising UltraTech on competition law aspects.
The team consists Nisha Kaur Uberoi (Partner and National Head, Competition Law), Mathew George and Pranav Satyam (Counsel), Sarthak Pande, Shambhvi Sinha, and Shivangi Chawla (Senior Associates) and Samriddha Gooptu, Rishi Kauntia, Keerthana Kesavan, Vasudha Verma, Ashna Mahajan, Naman Katyal, and Aditya Prakash (Associates).
Other advisors included Dr. R.K.S (Shyam) Khemani along with Nexdigm (SKP), economists.
This 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.
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