Juris Corp advises DEG and BanyanTree in acquiring a minority stake in Deepak Fasteners

DEG, one of the Europe’s largest development finance institutions has acquired a minority stake in Deepak Fasteners Limited (DFL), a manufacturer of specialty industrial fasteners..BanyanTree Growth Capital LLC, a Mauritius based private equity fund, invested Rs. 70 crore ($15 million) in DFL in June this year. BanyanTree will have Board representation in DFL..Juris Corp acted as the sole legal counsel to DEG and BanyanTree with a team led by Partner Vandana Sekhri along with Associates Aditi Manchanda and Sumitava Basu..DFL was represented by their in-house counsel in the DEG transaction. Rajani Associates advised DFL in receiving funds from BanyanTree with a team led by Founder and Managing Partner Prem Rajani..DEG (Deutsche Investitions-und Entwicklungsgesellschaft mbH) has been committed to private-sector investments in India since 1964. DEG is a member of KfW Bankengruppe (KfW banking group) and invests in profitable companies across the sectors that contribute to sustainable development in the economy..VC Circle reports this as BanyanTree Growth Capital’s fifth investment in India and its first in the current year. It has earlier invested in a Mumbai based IT Infrastructure management services company Trimax IT Infrastructure & Services Ltd for a 10 percent stake. Banyan Tree has previously co-invested with Dutch entrepreneurial development bank FMO in synthetic rope manufacturer Axiom Impex ltd..DFL is based out of Ludhiana and is the largest manufacturer of specialty industrial fasteners. It is promoted by the Kalra family. DFL will utilize the funds for expansion.