Deal Street May 2013 In continuation of our goal of keeping you connected to the Indian legal market, Bar

& Bench brings you Deal Street Monthly, a monthly compilation of deals involving Indian law firms. The deals have been categorized under 4 broad heads viz., Mergers & Acquisitions, Capital Markets, Banking & Finance and Infrastructure & Projects. Mergers & Acquisitions Ranking by Deal Count Rank 1 2 3 Law Firm AZB & Partners S&R Associates Khaitan & Co No. of Deals 15 6 5 In Mergers & Acquisition, AZB & Partners has topped the Deal Count table with 15 deals. S&R Associates is placed 2nd with 6 deals followed by Khaitan & Co in the 3rd spot with 5 deals.

Ranking by Deal Value Rank 1 2 3 Law Firm S&R Associates AZB & Partners Amarchand Mangaldas Deal Value Rs. 8,529 crore ($1.4 billion) Rs. 6003.6 crore ($1 billion) Rs. 2,403 crore ($401.7 million) In terms of Deal Value, S&R Associates occupies the 1st spot with deals worth Rs. 8,529 crore ($1.4 billion) AZB & Partners occupies the 2nd spot while Amarchand Mangaldas is placed 3rd in the list. !

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Capital Markets Ranking by Deal Count In Capital Markets segment, AZB & Partners is placed 1st in terms of Deal Count with 10 deals followed by Amarchand Mangaldas with 3 deals. Khaitan & Co and S&R Associates jointly share the third spot with 2 deals each.

Rank 1 2 3 3

Law Firm AZB & Partners Amarchand Mangaldas Khaitan & Co S&R Associates

No. of Deals 10 3 2 2

Ranking by Deal Value Rank 1 2 3 Law Firm AZB & Partners Amarchand Mangaldas Luthra & Luthra Deal Value Rs. 4,329.5 crore ($730 million) Rs. 3,734 crore ($624 million) Rs. 1,863 crore ($311 million) In terms of Deal Value, AZB & Partners comes 1st with deals worth Rs. 4,329.5 crore ($730 million). Amarchand Mangaldas and Luthra & Luthra occupy the 2nd and 3rd spots respectively. !

In the Banking & Finance segment, KS Partners and Majmudar & Partners have 1 deal each against their name while Trilegal has done 2 deals in the Infrastructure & Projects Segment.

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M&A/PE and JVs

S No

Deal TPG Capital acquires 5.3% stake in Flexituff International Ltd Smith & Nephew acquires Adler Mediaquip Tata Sons acquires 30% stake in Air Asia Aspada acquires minority stake in Lawrencedale Agro Processing

Law Firm

Deal Size

AZB & Partners BMR Legal Luthra & Luthra Davis Polk AZB & Partners

Rs. 27 crore ($5 million)

Confidential

Rs. 50 crore ($9 million)

Tatva Legal Vichar Partners Amarchand Mangaldas J. Sagar Associates Herbert Smith Freehills

Confidential

Goldman Sachs invests in Den Networks

Rs. 600 crore ($110 million)

Asian Healthcare invests in Total Dental Care

AZB & Partners

Rs. 40 crore ($7.5 million)

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S No

Deal Oriflame India acquires a manufacturing facility at Roorkee Avantor sells medical science group business to WBM Health Science Bharti Airtel sells 5% stake to Qatar Founfdation Endowment Vilmorin & Cie acquires 39% stake in Bisco Bio Sciences Private Limited DTDC Courier acquires 70% stake in Nikkos Logistics Future Ventures acquires 33% stake in KFC Shoemakers Sony Pictures Entertainment Inc. acquires 32% of Multi Screen Media Private Limited

Law Firm

Deal Size

Lexport

Confidential

HSA Advocates

Confidential

S&R Associates

Rs. 6,796 crore ($1.26 billion)

10

Khaitan & Co

Rs. 151.4 crore ($25.4 million)

11

Khaitan & Co

Confidential

12

KS Partners Verus Advocates S&R Associates

Confidential

13

Rs. 1,613 crore ($271 million) Paul Weiss

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S No

Deal CX Partners invests in BarbequeNation Hospitality Limited Heliconia acquires 2.6% stake in Kotak Mahindra Bank

Law Firm

Deal Size

14

S&R Associates BMR Legal Amarchand Mangaldas Samvad Partners DSK Legal Khaitan & Co Trilegal AZB & Partners BMR & Associates Wadia Ghandy Allen & Overy Cleary Gottlieb Steen & Hamilton

Rs. 110 crore ($20 million)

15

Rs. 1,296 crore ($234 million)

16

Ruchi Soya enters into a JV with Kagome and Mitsui

Confidential

17

Baring acquires 14% stake in Lafarge

Rs. 1,400 crore ($265 million)

18

Standard Chartered acquires Indian wealth management unit of Morgan Stanley Dentsu acquires stake in Webchutney

Amarchand Mangaldas Rs. 44.7 crore ($8 million) Trilegal Khaitan & Co SA Partners Davis & Gilbert LLP

19

Rs. 26 crore ($4.6 million) DEAL%STREET%MAY%2013%%BAR%&%BENCH%%%%%% 5!

S No

Deal

Law Firm

Deal Size

20

India Infoline invests in Roseberry Developers Pvt. Ltd. Bharti Airtel acquires 30% stake in Bangladesh-based Warid Telecom IFC acquires 10% shareholding in Green Delta Insurance Company TCIL acquires 74% stake in Ikya Human Capital Solutions Macquarie SBI Infrastructure Investments Ltd and SBI Macquarie Infrastructure Trustee Limited acquire 74% stake in GMR Jadcherla Expressway Limited Tata Power acquires 40% stake in Adjaristqali Netherlands BV

SNG & Partners APJ SLG Law Office

Rs. 113 crore ($20.3 million)

21

AZB & Partners

Confidential

22

AZB & Partners

Rs. 59.6 crore ($10.9 million)

23

AZB & Partners

Rs. 256 crore ($47 million)

24

AZB & Partners

Rs. 200 crore ($39 million)

25

AZB & Partners

Rs. 3,936 crore ($280 million)

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S No

Deal

Law Firm

Deal Size

26

IFC acquires shares of Butterfly Marketing Limited TBWA Singapore PTE LTD acquires stake in Magnon Solutions Pvt Ltd

AZB & Partners

Rs. 35 crore ($ 6.4 million)

27

AZB & Partners

Confidential

28

Kingfa Sci & Tech, acquires controlling stake in Hydro S&S Industries

Desai & Diwanji Singhania & Partners Beijing Yingke Law Firm Rs. 7 crore ($1.9 million)

29

Dana Holding Corp Expands Joint Venture with Jayant Group Tata Autocom Systems Ltd sells its 50% stake in JV to Johnson Controls Auto India Limited Tata Technologies Inc acquires Cambric Holdings, Inc

S&R Associates

Confidential

30

AZB & Partners

Confidential

31

AZB & Partners

Confidential

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S No

Deal

Law Firm

Deal Size

32

Viterra Asia sells its shares in JV to Tinna Rubber & Infrastructure Limited MPS Limited acquires Element, LLC IMS Health acquires 360Vantage Manipal Health Enterprises acquires stake in Ankur Healthcare Joint Venture (JV) between IndiaCast and UTV SAAB AB Sweden invests in Pipavav Defence and Offshore Engineering Limited Educomp sells its entire stake in Eurokids

S&R Associates

Confidential

33

S&R Associates

Rs. 10 crore ($ 1.68 million)

34 35

AZB & Partners Tatva Legal Wadia Ghandy J. Sagar Associates Seth Dua Associates K Law Amarchand Mangaldas DSK Legal India Law Partners Lex Counsel Nishith Desai Associate

Confidential Rs. 40 crore ($6.72 million)

36

Confidential

37

Rs. 200 crore ($40 million)

38

Rs. 120 crore ($19.68 million)

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S No

Deal

Law Firm

Deal Size

39

ICEL acquisition of NRPPLs compulsorily convertible debentures Demerger of Orient Papers cement division into its group company, Orient Cement Limited

AZB & Partners

Confidential

40

Khaitan & Co

Confidential

41

Shriram Industrial Holdings Limited enters into a master framework agreement with Shriram EPC Limited and Orient Green Power Company Limited

Trilegal

Rs. 298.12 crore ($48.9 million)

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Capital Markets S.No. Deal TPG Capital invests in Flexituff International Ltd through FCCB Thomas Cook India IPP Piramal Enterprises acquires 10% stake in Shriram Transport Finance Company from TPG Block Deal DEN Networks QIP Law Firm Deal Value

1 2

AZB & Partners AZB & Partners

Rs. 135 crore ($25 million) Rs. 184 crore ($30.9 million)

Amarchand Mangaldas Amarchand Mangaldas Indus Law Jones Day AZB & Partners

Rs. 1,600 crore ($268.8 million)

Rs. 271 crore ($50 million)

Rolta India issues 10.75% Senior Notes FMOs and Proparcos acquisition of FCCB issued by Jain Irrigation Systems

Rs. 1,090 crore ($200 million)

AZB & Partners

Rs. 54.6 crore ($10 million)

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S.No.

Deal Hitachi Home and Life Solutions (India) Limited Rights Issue Alok Industries issue of equity shares Religare Enterprises issue of non-convertible debentures

Law Firm

Deal Value

7 8

Khaitan & Co AZB & Partners

Rs. 59.79 crore ($11 million) Rs. 550 crore ($100 million)

AZB & Partners Amarchand Mangaldas Luthra & Luthra Linklaters AZB & Partners

Rs. 550 crore ($100 million)

10

DLF Limited IPP

Rs. 1,863.42 crore ($312.9 million)

11

BOC Group divests 14.48% equity of Linde India through OFS JSW Energy Limited OFS Styrolution (ABS) India Limited OFS Timken India Limited IPP Prestige Estates Projects Limited IPP

Rs. 300 crore ($ 55.8 million)

12

AZB & Partners

Rs.173 crore ($31 million)

13

AZB & Partners

Rs.86 crore ($15 million)

14 15

S&R Associates S&R Associates

Rs. 51.18 crore ($8.3 million) Rs.360 crore ($60.4 million)

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S.No.

Deal Navayuga Road Projects Pvt Ltd issuance of secured, unlisted, redeemable, optionally convertible debentures to Piramal Enterprises Ltd

Law Firm

Deal Value

16

Khaitan & Co

Rs. 550 crore ($92.4 million)

17

Zee Learn GDR issue Canara Banks Loan Facility to 3B Fibreglass SRPL, Belgium Issue of $200 million notes by Rolta LLC

18

Rajani Associates Baker & Mckenzie Linklaters Majmudar & Partners TLT LLP Ashurst AZB & Partners Trilegal

Rs. 110 crore ($20 million)

Rs. 77.7 crore ($12.9 million)

19

Rs. 1,206.9 crore ($200 million)

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Banking & Finance

S No 1 2

Deal Bank of Baroda funds AGR Steel Strips Private Limited Canara Banks Loan Facility to 3B Fibreglass SRPL, Belgium

Law Firms KS Partners Majmudar & Partners TLT LLP Ashurst

Deal Size Rs. 120 crore ($20 million) Rs. 77.7 crore ($12.9 million)

Infrastructure & Projects S No Deal Orissa Power Generation Corporation enters into a boiler, turbine and generator supply and installation agreement with BHEL CLP sets up of 130 MW wind power project in Maharashtra Law Firms Deal Size

Trilegal

Rs. 4,051 crore ($680.5 million)

Trilegal

Confidential

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Compilation of deals received by Bar & Bench in May, 2013 S.No. Deal TPG Capital acquires 5.3% stake in Flexituff International Ltd TPG Capital invests in Flexituff International Ltd through FCCB Thomas Cook India IPP Smith & Nephew acquires Adler Mediaquip Tata Sons acquires 30% stake in Air Asia Aspada acquires minority stake in Lawrencedale Agro Processing Goldman Sachs invests in Den Networks Asian Healthcare invests in Total Dental Care Law Firm Deal Value

AZB & Partners

Rs. 27 crore ($5 million)

2 3 4

AZB & Partners AZB & Partners BMR Legal Luthra & Luthra Davis Polk AZB & Partners Tatva Legal Vichar Partners J. Sagar Associates Amarchand Mangaldas Herbert Smith Freehills AZB & Partners

Rs. 135 crore ($25 million) Rs. 184 crore ($30.9 million) Confidential

Rs. 50 crore ($9 million)

Confidential

7 8

Rs. 600 crore ($110 million) Rs. 40 crore ($7.5 million)

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S.No.

Deal Oriflame India acquires a manufacturing facility at Roorkee Avantor sells medical science group business to WBM Health Science Bharti Airtel sells 5% stake to Qatar Foundation Endowment Vilmorin & Cie acquires 39% stake in Bisco Bio Sciences Private Limited Bank of Baroda funds AGR Steel Strips Private Limited DTDC Courier acquires 70% stake in Nikkos Logistics Orissa Power Generation Corporation (OPGC) enters into a BTG (boiler, turbine and generator) supply and installation agreement with BHEL

Law Firm

Deal Value

Lexport

Confidential

10

HSA Advocates

Confidential

11

S&R Associates

Rs. 6,796 crore ($1.26 billion)

12

Khaitan & Co

Rs. 151.4 crore ($25.4 million)

13

KS Partners

Rs. 120 crore ($20 million)

14

Khaitan & Co

Confidential

15

Trilegal

Rs. 4,051 crore ($680.5 million)

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S.No.

Deal Piramal Enterprises acquires 10% stake in Shriram Transport Finance Company from TPG Block Deal Future Ventures acquires 33% stake in KFC Shoemakers

Law Firm

Deal Value

16

Amarchand Mangaldas KS Partners Verus Advocates Amarchand Mangaldas Indus Law Jones Day S&R Associates

Rs. 1,600 crore ($268.8 million)

17

Confidential

18

DEN Networks QIP

Rs. 271 crore ($50 million)

19

Sony Pictures Entertainment Inc. acquires 32% of the shares of Multi Screen Media Private Limited CX Partners invests in BarbequeNation Hospitality Limited Heliconia acquires 2.6% stake in Kotak Mahindra Bank Ruchi Soya enters into a JV with Kagome and Mitsui

Rs. 1,613 crore ($271 million) Paul Weiss

20

S&R Associates BMR Legal Samvad Partners Amarchand Mangaldas DSK Legal Khaitan & Co Trilegal

Rs. 110 crore ($20 million)

21

Rs. 1,296 crore ($234 million)

22

Confidential

16% DEAL%STREET%MAY%2013%%BAR%&%BENCH!

S.No.

Deal

Law Firm AZB &Partners BMR & Associates Wadia Ghandy Cleary Gottlieb Steen & Hamilton Allen & Overy

Deal Value

23

Baring acquires 14% stake in Lafarge

Rs. 1,400 crore ($265 million)

24

Standard Chartered acquires Indian wealth management unit of Morgan Stanley Dentsu acquires stake in Webchutney India Infoline invests in Roseberry Developers Pvt. Ltd. Rolta India issues 10.75% Senior Notes Bharti Airtel acquires 30% stake in Bangladesh-based Warid Telecom

Amarchand Mangaldas Rs. 44.7 crore ($8 million) Trilegal Khaitan & Co Davis & Gilbert LLP SA Partners SNG & Partners APJ SLG Law Offices AZB & Partners Rs. 1,090 crore ($200 million) Confidential. As per sources Rs. 26 crore ($ 4.6 million)

25

26

Rs. 113.23 crore ($20.3 million)

27

28

AZB & Partners

Confidential

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S.No.

Deal ICEL acquisition of NRPPLs compulsorily convertible debentures FMOs and Proparcos acquisition of FCCB issued by Jain Irrigation Systems IFC acquires 10% shareholding in Green Delta Insurance Company TCIL acquires 74% stake in Ikya Human Capital Solutions Macquarie SBI Infrastructure Investments Ltd & SBI Macquarie Infrastructure Trustee Limited acquire 74% stake in GMR Jadcherla Expressway Limited

Law Firm

Deal Value

29

AZB & Partners

Confidential

30

AZB & Partners

Rs. 54.6 crore ($10 million)

31

AZB & Partners

Rs. 59.6 crore ($10.9 million)

32

AZB & Partners

Rs. 256 crore ($47 million)

33

AZB & Partners

Rs. 200 crore ($39 million)

18% DEAL%STREET%MAY%2013%%BAR%&%BENCH!

S.No.

Deal Kagome Co Ltd forms joint venture with Ruchi Soya Industries Limited and Mitsui & Co Ltd Hitachi Home and Life Solutions (India) Limited Rights Issue Tata Power acquires 40% stake in Adjaristqali Netherlands BV IFC acquires shares of Butterfly Marketing Limited Alok Industries issue of equity shares Religare Enterprises issue of non-convertible debentures TBWA Singapore PTE LTD acquires stake in Magnon Solutions Pvt Ltd

Law Firm

Deal Value

34

Khaitan & Co

Confidential

35

Khaitan & Co

Rs. 59.79 crore ($11 million)

36

AZB & Partners

Rs.3,936 crore ($280 million)

37

AZB & Partners

Rs. 35 crore ($ 6.4 million)

38

AZB & Partners

Rs. 550 crore ($100 million)

39

AZB & Partners

Rs. 550 crore ($100 million)

40

AZB & Partners

Confidential

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S.No.

Deal Kingfa Sci & Tech, acquires controlling stake in Hydro S&S Industries

Law Firm Desai & Diwanji Beijing Yingke Law Firm Singhania & Partners Amarchand Mangaldas Luthra & Luthra Linklaters AZB & Partners

Deal Value

41

Rs. 7 crore ($1.9 million)

42

DLF Limited IPP

Rs. 1,863.42 crore ($312.9 million)

43

BOC Group divests 14.48% equity of Linde India through OFS Dana Holding Corp Expands Joint Venture with Jayant Group Tata Autocom Systems Ltd sells its 50% stake in JV to Johnson Controls Auto India Limited Tata Technologies Inc acquires Cambric Holdings, Inc Viterra Asia sells its shares in JV to Tinna Rubber & Infrastructure Limited

Rs. 300 crore ($55.8 million)

44

S&R Associates

Confidential

45

AZB & Partners

Confidential

46

AZB & Partners

Confidential

47

S&R Associates

Confidential

20% DEAL%STREET%MAY%2013%%BAR%&%BENCH!

S.No. 48 49 50

Deal MPS Limited acquires Element, LLC IMS Health acquires 360Vantage JSW Energy Limited OFS Styrolution (ABS) India Limited OFS Timken India Limited IPP Manipal Health Enterprises acquires stake in Ankur Healthcare Prestige Estates Projects Limited IPP Demerger of Orient Papers cement division into its group company, Orient Cement Limited

Law Firm S&R Associates AZB & Partners AZB & Partners

Deal Value Rs. 10 crore ($1.68 million) Confidential Rs.173 crore ($31 million)

51

AZB & Partners

Rs. 86 crore ($15 million)

52

S&R Associates Tatva Legal

Rs. 51.18 crore ($8.3 million)

53

Rs. 40 crore ($6.72 million) Wadia Ghandy

54

S&R Associates

Rs. 360 crore ($60.4 million)

55

Khaitan & Co

Confidential

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S.No.

Deal Navayuga Road Projects Private Limited issuance of secured, unlisted, redeemable, optionally convertible debentures to Piramal Enterprises Ltd JV between IndiaCast and UTV SAAB AB Sweden invests in Pipavav Defence and Offshore Engineering Limited

Law Firm

Deal Value

56

Khaitan & Co

Rs. 550 crore ($92.4 million)

57

J. Sagar Associates Seth Dua & Associates K Law Rajani Associates Baker & Mckenzie Linklaters DSK Legal Nishith Desai Associates Lex Counsel Amarchand Mangaldas India Law Partners Majmudar & Partners TLT LLP

Confidential

58

Rs. 200 crore ($40 million)

59

Zee Learn GDR issue

Rs. 110 crore ($20 million)

60

Educomp sells its entire stake in Eurokids

Rs.120 crore ($19.68 million)

61

Canara Banks Loan Facility to 3B Fibreglass SRPL, Belgium

Rs. 77.7 crore ($12.9 million)

22% DEAL%STREET%MAY%2013%%BAR%&%BENCH!

S.No.

Deal

Law Firm Ashurst

Deal Value

62

CLP sets up of 130 MW wind power project in Maharashtra

Trilegal Trilegal DLA Piper AZB & Partners Davis Polk & Wardwell

Confidential

63

Issue of $ 200 million notes by Rolta LLC

Rs. 1206.9 crore ($200 million)

64

Shriram Industrial Holdings Limited enters into a master framework agreement with Shriram EPC Limited and Orient Green Power Company Limited

Trilegal

Rs. 298.12 crore ($48.9 million)

For more information on specific deals, visit www.barandbench.com In case you would like a deal to be reported by Bar & Bench, please send in a mail to pallavi@barandbench.com ! DEAL%STREET%MAY%2013%%BAR%&%BENCH%%%%%% 23!