Khaitan & Co advised Grasim Industries Limited, Aditya Birla Nuvo Limited and Aditya Birla Financial Services Limited in relation to the proposed merger of Adita Birla Nuvo Limited into Grasim Industries Limited, and the subsequent demerger & listing of its financial services business through a composite scheme of arrangement.
Grasim is a USD 5.6bn conglomerate comprising of businesses in cement, chemicals and viscose staple fibre. It is a leading global player in viscose staple fibre and is the largest manufacturer of chloralkali and epoxy resins in India. Its subsidiary UltraTech is the largest manufacturer of cement in India with a capacity of 69.3 MTPA and offers a complete range of building products. Aditya Birla Nuvo is a USD 3.6bn conglomerate with leadership position across its businesses.
Its Financial Services business ranks among the top five fund managers in India. Its Telecom venture, Idea Cellular, ranks among the top three cellular operators in India. It is a leading player in linen, agri, rayon and insulators businesses. ABNL has recently ventured into the solar power businesses. It has also received an in-principle approval from RBI to set up a Payments Bank in joint venture with Idea Cellular.
Khaitan & Co acted as the legal advisors for the scheme of arrangement and the overall transaction. The core transaction team: Haigreve Khaitan (Senior partner), Mehul Shah (Partner), Sameer Sah (Associate Partner), Pranay Bagdi (Senior Associate) and Aman Yagnik (Associate) with assistance from the following:
Securities’ aspects: Sudhir Bassi (Executive Director), Arindam Ghosh (Partner) and Moin Ladha (Associate Partner)
Competition law aspects: Avaantika Kakkar (Partner), Jayati Handa (Associate), Arunima Chatterjee (Associate) and Kirthi Srinivas (Associate)
Corporate aspects: Vidya Rao (Associate), Manasi Gandhi (Associate) and Ankit Chavan (Associate)
Direct Tax aspects: Daksha Baxi (Executive Director) and Vinita Krishnan (Associate Director)
Employment aspects: Anshul Prakash (Associate Partner)
Real Estate aspects: Abhishek Sharma (Partner)
Regulatory aspects: Sharad Vaid (Partner)
This transaction will create one of India’s largest and well-diversified companies with a combination of cash generating and high growth businesses. The combined company will have a portfolio of manufacturing and services businesses with a leading presence across cement, financial services, telecom, textiles and chemicals. This will achieve consolidation of common businesses and stakes in different group companies.
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