India

We are pleased to announce that Argus Partners advised Exfinity Technology Fund Series II (a scheme of Exfinity Technology Fund) on its exit from Kinara AI Private Limited and Kinara Inc., pursuant to the merger of Kinara Inc. with NXP USA Inc., a global semiconductor company headquartered in the Netherlands. The transaction was valued at an aggregate consideration of USD 307 million. Kinara is a leading developer of high-performance, energy-efficient and programmable discrete neural processing units. The acquisition strengthens and expands NXP’s portfolio of AI solutions for edge computing, particularly across industrial, IoT and automotive end markets.   Commenting on the exit, Chinnu Senthilkumar, Managing Partner at Exfinity, stated, “With this exit, we are returning 40% of our fund, and we will be touching a DPI of one, meaning we will have returned our entire fund. This validates our thesis in deeptech,”.   This acquisition marks one of the largest deep-tech mergers and acquisitions from India, reinforcing the country’s growing prominence in the AI and semiconductor sectors.   The team at Argus Partners advising Exfinity Technology Fund Series II consisted of Pallavi Kanakagiri, Ashwin Krishnan (Partners) and Siddharth Malakar (Senior Associate).   Read more at: CNBC-TV18, YourStory, NXP Press Release.

Poovayya & Co. acted as the exclusive sell-side legal advisor to People Tree Hospitals in its acquisition by Fortis Healthcare, involving an acquisition consideration of ₹430 crores. Our team advised on drafting, reviewing, and negotiating the transaction documents. The transaction involves the 100% acquisition of TMI Healthcare, the entity operating People Tree Hospitals and hiving off certain identified undertakings of TMI Healthcare. It encompasses the complete acquisition of the hospital business, including its infrastructure and the underlying land, along with an adjacent land parcel from a third party, thereby ensuring operational continuity and enabling future expansion. The transaction marks the acquisition of People Tree Hospitals’ facility in Yeshwanthpur, Bengaluru, and represents a significant milestone in the ongoing consolidation of the Indian healthcare sector. This engagement underscores Poovayya & Co.’s continued focus on complex M&A transactions in the healthcare space, delivering pragmatic and comprehensive legal solutions. 🔹Transaction Team: Led by Siddhartha George (Partner), with Dharani V.Polavaram (Partner), Harini Sudersan (Partner), Bilal Lateefi (Principal Associate), Vibhuti Tyagi (Senior Associate), Shagun Singh (Senior Associate), Satyajit Nair (Associate), and Bharani Tadimalla (Associate) 🔹Disputes Team: Led by Dharmendra Chatur (Partner), with Ishi Prakash (Senior Associate), and Vishal K (Associate) 🔹Real Estate Team: Led by Savitha KG (Partner), with Swarna Shenoy (Partner), Mohan Krishna (Senior Associate), and Pranav N (Associate) Fortis Healthcare was represented by AZB & Partners, Delhi. 22 December 2025     

New Delhi, December 22, 2025: Lakshmikumaran & Sridharan Attorneys (“LKS”) advised Inox Clean Energy Limited (“Inox”), a part of the INOXGFL Group, in relation to its acquisition of a 1,337 MW renewable energy platform from Macquarie Corporate Holdings Pty Limited (“Macquarie”) and other shareholders. The platform comprises of a diversified renewable energy portfolio of wind, solar and hybrid projects, with around 800 MW currently operational across multiple Indian states. LKS acted as legal counsel to Inox and advised on the transaction structure, cross border regulatory aspects, competition law, tax implications and negotiation of transaction documents. The LKS team co-ordinated with and worked alongside Standard Chartered Bank and Lathams & Watkins LLP, towards getting the parties aligned on the transaction. The transaction team, leading strategic negotiations and overall transaction management comprised of Kunal Arora (Partner), Siddharth Sawhney (Partner), Anupam Misra (Associate Partner), Mitushi Garg (Principal Associate) and Ria Mehta (Associate). The tax related aspects in relation to the transaction were advised upon by a team comprising of Karanjot Singh Khurana (Partner), Harshit Khurana (Associate Partner), Giridhar Vasudevan (Principal Associate) and Rishabh Bhatia (Senior Associate). The competition law team comprised of Neelambera Sandeepan (Partner), Charms Mathews (Senior Associate) and Rohan Zaveri (Associate). The combined expertise of the LKS teams enabled Inox to execute the transaction documents in a time-bound manner and ensured that the transaction aligned with Inox’s long-term growth objective. Macquarie and other selling shareholders were represented by Latham & Watkins LLP, Singapore. This acquisition marks a significant leap in Inox’s vision to strengthen its presence in the renewable sector and significantly accelerates its growth trajectory, positioning the company to achieve its 3 GW capacity target by FY26. About Lakshmikumaran & Sridharan attorneys Lakshmikumaran & Sridharan (LKS) is a premier full-service law firm in India, specializing in areas such as corporate & M&A/PE, dispute resolution, taxation and intellectual property. The firm, through its 14 offices across India, works closely on Corporate, M&A, litigation and commercial law matters, advising and representing clients both in India and abroad. Over the last 4 decades the firm has worked with over 15,500 clients which range from start-ups, small & medium enterprises, to large Indian corporates and multinational companies. The professionals within the firm bring diverse experience to service clients across sectors such as automobiles, aviation, consumer electronics, e-commerce and retail, energy, EPC, financial services, FMCG, hospitality, IT/ITeS, logistics, metals, mining, online gaming, pharma and healthcare, real estate and infra, telecom and media, and textiles. The firm takes pride in the value-based, client-focused approach that combines knowledge of the law with industry experience to design bespoke legal solutions. The firm’s driving principles to achieve our vision are integrity, knowledge and passion.   For more details contact:  Arnab Bhattacharya   +91 8287613705  [email protected]    Sakshi Sharma +91 9521867484 [email protected] www.lakshmisri.com       

Saraf and Partners acted as legal counsel to Megaport Limited (“Megaport”), a leading Australian networks company, in its strategic acquisition of 100% equity stake in Extreme Infocom Private Limited (“Extreme IX”), India’s leading internet exchange provider, for an undisclosed sum from its parent entity, Extreme Labs AD, a Bulgaria-headquartered software and network engineering company that incubated the Extreme IX platform. The transaction team was led by Vaibhav Kakkar (Senior Partner) and Snigdhaneel Satpathy (Partner) and consisted of Shirin Singh (Senior Associate) and Ishaan Gupta (Associate), with support from Suraj Kumar (Associate). Gangesh Verma (Principal Associate) provided crucial support on regulatory aspects of the deal. The due diligence team was led by Vaibhav Kakkar (Senior Partner) and Snigdhaneel Satpathy (Partner), and consisted of Shirin Singh (Senior Associate), Ishaan Gupta (Associate), Samiksha Bhargava (Associate) and Devansh Sehgal (Associate). The seller, Extreme Labs AD, was advised by Bulgarian law firm CasePro. Trilegal advised the seller on closing-related and certain other aspects of this deal. The Trilegal team was led by Nikhil Sachdeva (Partner) and consisted of Madhur Patel (Associate) and C.N. Yashwanth (Associate).