Krishnamurthy and Co > Mumbai, India > Firm Profile
Krishnamurthy and Co Offices
96 FREE PRESS HOUSE
215 NARIMAN POINT
MUMBAI 400 021
India
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Krishnamurthy and Co > The Legal 500 Rankings
India > Life sciences and healthcare Tier 2
Krishnamurthy and Co advises healthcare providers, pharma and biotech companies, and a wide range of private equity investors on transactions, intellectual property issues, and regulatory matters, with a particular strength in private equity and VC investments and joint ventures. The firm also has notable expertise in cross-border considerations and issues relating to patents- both application and protection, including contentious cases. The team is led by Naina Krishna Murthy in Mumbai, an experienced corporate practitioner who regularly advises PE and VC clients, alongside Bengaluru-based firm managing partner Shwetambari Rao, who is also strong on corporate and commercial life sciences and pharma matters, and Mumbai's Rukmini Roychowdhury.Practice head(s):
Naina Krishna Murthy; Shwetambari Rao; Rukmini Roychowdhury
Other key lawyers:
Alok Sonker; Christopher Rao
Key clients
Biocon Biologics Limited
Lightrock India Holdings Limited
JSW Ventures
Majority Committee of Creditors of Unimark Remedies Limited
VRMDB Services Pvt Ltd (Medibank)
Nova Pulse IVF Clinic Private Limited
Reliance Industries Limited
Serosoft Solutions Private Limited
Healthium MedTech Limited
Work highlights
- Advised Biocon Biologics in its acquisition of the global biosimilars business of Nasdaq-listed Viatris in a USD 3.33 billion deal.
- Advised Lightrock India Holdings Limited on its investment along with others through subscription to Series F Preference Shares of Phasorz Technologies Private Limited/Medibuddy in a USD 125 million deal.
- Advised JSW Ventures on its investment as lead investor in the Series A round of funding in Cure and Care Wellness Private Limited/CureSkin.
India > Projects and energy Tier 2
With extensive expertise in project finance, consortium finance, and structured finance transactions, Krishnamurthy and Co's projects team is frequently called upon to advise on renewable energy and infrastructure mandates. With a strong track record in handling EPC contracts and joint venture agreements, Rukmini Roychowdhury leads the group from Mumbai, and often acts for banks and debt funds. Based in Bengaluru, Rashmi Deshpande fields expertise in handling private equity investments in real estate.Practice head(s):
Rukmini Roychowdhury
Other key lawyers:
Key clients
Hygenco Green Energies Private Limited
Renewables Solar Holding GmbH
SWAMIH Fund – I
Tata Cleantech Capital Limited
Reliance Industries Limited
Electricway Solutions Private Limited
Zast Logisolutions Private Limited
Work highlights
- Advised Hygenco Green Energies Private Limited on its USD 25 million fundraising via the SVL-SME Fund.
- Advised Reliance Industries Limited on its acquisition of a 40% stake in Sterling and Wilson Solar Limited, completed via the client’s subsidiary RNESL.
- Advised Renewables Solar Holding GmbH on its sale of RWE Solar India Pvt to Star Aeliana 1 Pte.
City focus: Mumbai > Dispute resolution Tier 3
India > Corporate and M&A Tier 3
Representing multinationals from across the manufacturing, IT, and infrastructure sectors, Krishnamurthy and Co’s corporate and M&A offering covers all aspects of transactional and advisory mandates. The team displays considerable strength in private equity and venture capital investments, with Mumbai-based founding partner, Naina Krishna Murthy specialising in corporate law and joint venture matters. Rukmini Roychowdhury has vast experience of executing M&A and financing transactions, whilst in Bengaluru, Shwetambari Rao is an expert on corporate restructurings. Christopher Rao, who was promoted to partner in April 2023, handles debt financing issues.Practice head(s):
Naina Krishna Murthy; Shwetambari Rao; Rukmini Roychowdhury
Other key lawyers:
Testimonials
‘K-law are a very good law firm who have advised MIQ for a number of years on both day-to-day client contracts for our Indian programmatic advertising business and corporate transaction/securities matters.’
‘Very responsive.’
‘Ms. Naina Krishna, Ex-Managing Partner, is always hands-on and puts efforts to maintain and improve the client relationship.’
‘Mr. Alok Sonker is our go-to partner on investment transactions in India. He is capable and willing to listen to our objectives and to come up with practical solutions.’
Key clients
Biocon Biologics Limited
Ingersoll Rand Inc.
Reliance Industries Limited
One Media 3.0, LLC (Sinclair Broadcast Group)
Active Intelligence Pte. Ltd.
Captronic Systems Private Limited
Nova Pulse IVF Clinic Private Limited
Quantilus Innovation Inc.
Electricway Solutions Private Limited
MiQ Digital Limited
Infivention Technologies Private Limited
Zast Logisolutions Private Limited
Work highlights
- Assisted Biocon Biologics Limited in relation to its acquisition of Viatris Inc. for approximately INR 3.3 Billion.
- Acted in Ingersoll Rand Inc’s acquisition (through its affiliate Ingersoll-Rand Industrial U.S. Inc.) of Everest Blowers Private and Everest Blower Systems Private Limited.
- Advised Reliance Industries Limited on its acquisition (through its wholly owned subsidiary RNESL) of a 40% stake in Sterling and Wilson Solar Limited through a combination of primary investment, secondary purchase, and open offer for an approximate total consideration of USD 385 million.
India > Restructuring and insolvency Tier 3
Krishnamurthy and Co has experience advising financial institutions, resolution applicants, and investors, among others, and has great experience with the IBC process. The team, co-led by Rukmini Roychowdhury and Ayush Agarwala, frequently handles cases across different industries from infrastructure and petrochemicals to healthcare and real estate. Aditya Narayan Mahajan is a further standout practitioner with his skills in navigating cross-border disputes, negotiating with resolution applicants, and initiating insolvency proceedings.Practice head(s):
Other key lawyers:
Key clients
Xander Finance Limited
State Bank of India
Liquidator of Biotor Industries Limited
Majority Committee of Creditors of Unimark Remedies Limited
Committee of Creditors of Lanco Mandakini Hydro Energy Pvt Ltd.
SBIFM Special Situations Fund-1
Work highlights
- Representing Xander Finance Ltd. before the Hon’ble NCLT and filed applications against personal guarantor.
- Represented the liquidator of Biotor before the Gujarat High Court and was successful in obtaining an order against the GIDC.
- Advised and represented the Committee of Creditors of Lanco Mandakini Hydro Energy Pvt Ltd. before the Hon’ble NCLT during the process of obtaining an extension of time to complete the CIRP and to allow prospective resolution applicant to submit a resolution plan.
India > TMT Tier 3
Krishnamurthy and Co’s team works closely with the intellectual property team on IP aspects of M&A and private equity transactions, along with handling complex litigation matters. In Bengaluru, Nikhil Krishnamurthy leads the department, routinely advising on a range of disputes concerning IP and trade secrets issues, whilst Shwetambari Rao specialises in e-commerce and commercial contract matters. From Mumbai, Alok Sonker focuses on corporate transactions, and Gautam KM works with media and tech companies.Practice head(s):
Nikhil Krishnamurthy
Other key lawyers:
Shwetambari Rao; Alok Sonker; Gautam KM; Chinthan Japhet; Puneet Prabhakar; Christopher Rao; Santosh Vijay; Karishma Jumani; Perzeus Abhas
Key clients
Mebigo Labs Private Limited
Nasadiya Technologies Private Limited
Stage5 Entertainment (Manish Malhotra)
Reliance Industries Limited
One Media 3.0, LLC (Sinclair Broadcast Group)
Active Intelligence Pte. Ltd.
Captronic Systems Private Limited
Quantilus Innovation Inc.
Electricway Solutions Private Limited
MiQ Digital Limited
Infivention Technologies Private Limited
Zast Logisolutions Private Limited
Work highlights
- Advised Reliance Industries Limited on its acquisition by Jio Platforms Limited of a stake in Glance Digital Experience Private Limited, an unconsolidated subsidiary of InMobi Group, an AI-driven “lock screen” platform for an approximate total consideration of USD $200 million.
- Advised Exicom Tele-Systems on patenting various technological innovations in the field of Battery Management Systems (BMS) across various jurisdictions including India.
- Advised GPS Renewables on patenting various technological innovations in the field of renewable energy across various jurisdictions, including India.
India > Banking and finance Tier 4
Krishnamurthy and Co draws banking and finance expertise from across the firm, with demonstrable experience in project finance work, asset financings and structured finance transactions. Rukmini Roychowdhury heads up the team and advises banks and other financial institutions on lending transactions and receivable financings, while Zeeshan Khan assists both lenders and borrowers with all kinds of transactional matters.Practice head(s):
Rukmini Roychowdhury
Other key lawyers:
Key clients
SBIFM Special Situations Fund-1
Arize Renewables Private Limited
HDFC Bank Limited
SWAMIH Fund – I
Work highlights
- Advised Tata Cleantech Capital Limited on its granting of a rupee term loan facility to Enerparc Solar Power 2 Private Limited and Enerparc Solar Power 3 Private Limited.
- Advised Ceres Hotels Private Limited to avail a term loan facility and working capital/overdraft facility from Yes Bank Limited.
- Advised SWAMIH Fund – I on its investment by way of unlisted, secured, non-convertible debentures in Vimal Plast India Private Limited.
Intellectual property Tier 4
Nikhil Krishnamurthy heads the IP department at Krishnamurthy and Co and is a name to note for litigation across multiple areas, including trademarks, copyright, domain names, patents, designs and trade secrets. Shujath Ahmed is renowned for contentious matters and is active in the fields of e-commerce, aviation, fashion, healthcare, television and real estate, among others. Gautam KM (Mumbai), Aditya Narayan Mahajan (New Delhi) and Chinthan Japhet were promoted to partner in April 2023. All named individuals are based in Bengaluru unless otherwise noted.Practice head(s):
Nikhil Krishnamurthy
Other key lawyers:
Key clients
Mebigo Labs Private Limited
Nasadiya Technologies Private Limited
Stage5 Entertainment
Acepearl Services Pvt. Ltd
TTK Prestige Limited
Peel-Works Private Limited
Healthium MedTech Limited
Rainbow Children’s Medicare limited
Stovekraft Limited
Decathlon Sports India Pvt. Ltd.
Exicom Tele-Systems
GPS Renewables
Orsted Wind Power
Ingersoll Rand Inc.
Work highlights
- Advising Ingersoll Rand on the IP and data protection-related due diligence and documentation regarding its acquisition of Everest Vacuums and Everest Blowers.
- Advised Exicom Tele-Systems on patenting various technological innovations in the field of battery management across various jurisdictions, including India.
- Assisted Stovekraft in infringement proceedings and successfully obtained restraining orders, including the seizure of infringing products.
India > Private equity and investment funds Tier 4
The team at Krishnamurthy and Co has demonstrable experience in handling domestic and cross-border transactions, representing funds, investee entities, and strategic investors across a range of sectors, including healthcare, retail, renewable power, education, and technology. Based in Mumbai, Naina Krishna Murthy jointly leads the team alongside Rukmini Roychowdhury, while Shwetambari Rao operates from the firm's Bangalore office and advises on private equity and venture capital transactions, in addition to inbound and outbound investments. Alok Sonker is another key contact in the team.Practice head(s):
Naina Krishna Murthy; Shwetambari Rao; Rukmini Roychowdhury
Other key lawyers:
Testimonials
‘Diligent and assertive in counter-party negotiations.’
Key clients
L R India Holdings Limited
Mebigo Labs Private Limited
Ascent Capital
Immuneel Therapeutics Private Limited
Zeo Fin Technology Private Limited
Unitus Seed Fund Advisors LLP
Aspire Fintech Private Limited
Serosoft Solutions Private Limited
Multiply Ventures India Trust
Mount Judi Ventures
Healthcare Process Solutions (India) Private Limited
JSW Ventures
Capria Fund LLC
Finone Technologies Private Limited
Bosch Limited
Work highlights
- Advised L R India Holdings Limited in its investment of approx. USD 90 Million in Phasorz Technologies Private Limited (Medibuddy).
- Advised Centre Court Capital (CCC) Fund, a JSW Group backed SEBI AIF fund on its co-investment of USD 100 Million in FanCraze, a digital collectibles company along with Insight Partners, B Capital, Mirae Financial, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and Cristiano Ronaldo’s CR7.
- Advised Mebigo Labs Private Limited (Kuku FM) on its Series B and Series B1 round of fundraise of approx. USD 41 million from The Fundamentum Partnership Fund, Paramark KB Fund, Krafton, Inc., India Quotient Startup Fund, Vertex Ventures Sea Fund, 3one4 Capital and V Cube Ventures S.A.
Krishnamurthy and Co > Firm Profile
Founded in 1999 in Bengaluru, Krishnamurthy & Co. (K Law), has become a major player in the Indian legal market today. The firm is one of the premier full-service law firms in India providing top-notch, comprehensive legal and regulatory advisory, transactional legal services, and dispute resolution support across a broad spectrum of practice areas and sectors. K Law has, in a relatively short spell of just over two decades, transformed itself into a national player with a rapidly expanding practice footprint in mergers and acquisitions, private equity, banking and finance, dispute resolution, intellectual property, projects, media and entertainment and real estate. The firm now has a strength of 85+ accomplished and committed lawyers across offices in Bengaluru, Mumbai, New Delhi and Chennai.
Since its inception, the firm has grown exponentially into a full-service law firm, rendering exceptional legal services to its clients. K Law assists its clients by advising in structuring commercial transactions (both domestic and cross-border), obtaining governmental and regulatory approvals, drafting and negotiating transaction documents and implementing transactions in India. The adroit team of lawyers assists several national and international clients in dispute resolution proceedings while representing them in diverse fora including courts, tribunals and other judicial authorities across India.
The prime motive of the firm is to nurture relations while delivering quality services to its clients. It is ensuring an edge over its peer organisations with the unmatched level of partner attention and involvement in each matter. Integrity, assurance, confidence, experience and an overarching sense of service are some of the key elements that are the foundation of K Law. The firm’s approach is client-centric, solution-oriented, service-driven and aimed at value-optimization through high partner-attention.
The motto of the firm is “nurturing relations, delivering quality”. As such, its competitive advantage lies in its unmatched level of partner attention and involvement in each matter, which when complimented by its client-centric, solution-oriented, commercial approach towards service delivery and high standards of integrity and professional ethics, are difficult to replicate.
What really differentiates the firm from the crowd is its relentless focus on relationships as opposed to transactions. The firm focuses on relationships not transactions. The focus is on service, walking the talk and ensuring integrity every step of the way.
The high level of partner involvement and attention, the commercial perspective, the client-centric approach and value optimization that are at the heart of the firm’s foundation allows us to ensure that nothing but the highest quality of services are rendered to the clients each and every time.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Corporate & Commercial | Naina Krishna Murthy | naina@klaw.in | +91 22 6235 5000 |
Corporate & Commercial | Shwetambari Rao | shweta@klaw.in | +91 80 4175 7500 |
Intellectual Property | Nikhil Krishnamurthy | nikhil@klaw.in | +91 80 4175 7500 |
Real Estate | Rashmi Deshpande | rashmi.deshpande@klaw.in | +91 80 4175 7500 |
Corporate & Commercial / Banking & Finance | Rukmini Roychowdhury | rukmini.roy@klaw.in | +91 22 6235 5000 |
Corporate & Commercial | Alok Sonker | alok.sonker@klaw.in | +91 22 6235 5000 |
Dispute Resolution | Ayush Agarwala | ayush.agarwala@klaw.in | +91 22 6235 5000 |
Corporate & Commercial / Employment / Real Estate | Chandan P. Kini | chandan.kini@klaw.in | +91 80 4175 7500 |
Dispute Resolution | Aditi Mittal | aditi.mittal@klaw.in | +91 11 4754 3788 |
Dispute Resolution | Shujath Ahmed | shujath.ahmed@klaw.in | +91 80 4175 7500 |
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
Mr Ayush Agarwala | PartnerWith a career spanning over 12 years, Ayush has vast experience in… | View Profile | |
Mr Shujath Ahmed | PartnerWith over 14 years of experience, Shujath specialises in Dispute Resolution matters… | View Profile | |
Ms Rashmi Deshpande | Senior PartnerRashmi heads the real estate practice of the Firm advising clients on… | View Profile | |
Mr Chandan P. Kini | PartnerWith over 18 years of experience, Chandan specialises in General Corporate and advisory… | View Profile | |
Ms Naina Krishna Murthy | Founder & Managing PartnerWith over 26 years of experience, Naina specializes in… | View Profile | |
Mr Nikhil Krishnamurthy | Senior PartnerNikhil is an IP attorney with 25 years of experience in… | View Profile | |
Ms Aditi Mittal | PartnerWith over 12 years of experience, Aditi’s work profile involves insolvency matters,… | View Profile | |
Ms Rukmini Roychowdhury | PartnerRukmini has represented market leading corporates and reputed individuals on varied and… | View Profile | |
Mr Alok Sonker | PartnerWith over 12 years of experience, Alok has advised several clients on… | View Profile |
Languages
English Hindi (and several Indian regional languages)Client Testimonials
CLIENT:
COMPANY/FIRM:
TESTIMONIAL: Frequently handles mid-market transactional work for companies across a range of industry sectors, including financial services, engineering, construction, technology and hospitality. Noted experience on strategic investments, asset sales, joint ventures and M&A deals. Additionally, adept at advising private equity funds, investors, purchasers and sellers.
CLIENT:
COMPANY/FIRM:
TESTIMONIAL: The Firm has been recommended as a recognized practitioner for Projects, Infrastructure & Energy practice and Technology, Media & Entertainment (TMT) practice.
CLIENT:
COMPANY/FIRM:
TESTIMONIAL: Krishnamurthy & Co, a respected mid-sized firm headed by Naina Krishna Murthy, is reputed for its M&A and capital markets practice and is sought out also for its corporate advisory services. Clients include Tata Realty and Infrastructure, Edelweiss Finance, Marico, Royal Orchid, and BASF India.
CLIENT:
COMPANY/FIRM:
TESTIMONIAL: They are a dedicated lot, their response time is absolutely unmatchable and their ability to think through the issues and to find solutions is simply magnificent.
CLIENT:
COMPANY/FIRM:
TESTIMONIAL: They are trusted and extremely collaborative partners. K Law has a very nice, business-oriented, practical way while also protecting our legal interests.
Diversity
Krishnamurthy & Co. (K Law) is an equal opportunity provider with respect to age, gender, disability, race, ethnicity, religion, sexuality and social class. The gender statistics is reflected in the number of females at the Senior Partner and Partner levels as well. 3 out of 4 of the Senior Partners are females and 5 out of 10 Partners are females. The Partners are based out of various locations across the offices pan-India.
For the time period October 202 – September 2021, the following are the data with respect to gender of the joiners and leavers:
Joiners | Exits |
24 | 8 |
Male | Female |
16 | 16 |
The Firm is also currently working with Burnished Law Journal to provide internship opportunities to minorities, LGBTQI students etc.
The Firm was the very first contributor to IDIA, the brainchild of the late Prof. Shamnad Basheer. Increasing Diversity by Increasing Access to Legal Education (IDIA) is a non-profit organisation working in India which aims to empower underprivileged children by giving them access to quality legal education.
In addition, the Firm has a strong internship program and it accommodates students from the very first year of law from many law colleges across the country.
International Capabilities
International Desks:
K Law – Japan, China & Korea Desks include a team of more than 15 legal practitioners drawn from across our industry sectors and practice groups. Located in 3 offices across India, they work together to facilitate these jurisdiction-based inbound investment and outbound investment from India by delivering legal advice based on in-depth local knowledge combined with Indian perspective. With a market-leading team equipped with a language translator, if required, in our offices, we are the first point of contact for companies from these jurisdictions, coming to India. Our lawyers have the necessary cultural knowledge, longstanding experience and industry know-how, and top-notch legal experience.
Firm Accolades:
- Recognised as one of the top “Corporate & Commercial” law firms in India at the India Business Law Journal’s Indian Law Firms Awards 2021
- Best Media & Entertainment Law Firm by APAC Insider’s APAC Legal Awards 2021
- Recognised for Corporate / M&A by Chambers Asia-Pacific 2022
- Recognised for Corporate / M&A by Chambers Global 2022
- Licensing & Franchising Firm of the Year in the 2021 India IP Awards by AsiaIP
- Bengaluru Firm of the Year in the 2021 India IP Awards by AsiaIP
- Best Media & Entertainment Law Firm by APAC Insider’s APAC Legal Awards 2021
- Transactional Legal Services Provider of the Year by APAC Insider’s APAC Legal Awards 2021
- Ranked amongst the top 10 law firms in the Bloomberg Global M&A Legal Advisory Rankings 2021 for India
- Ranked amongst the top 7 Indian law firms in the Thomson Reuters (Refinitiv) Asia-Pacific Small-Cap M&A Legal Advisors for Hochinma involvement League Tables
- Recognised for Corporate & M&A; Private Equity & Investment Funds; Banking & Financial Services; and Restructuring & Insolvency by The Legal 500 Asia-Pacific 2022
- Recognised in India in the following four practice areas by the Benchmark Litigation Asia-Pacific Rankings 2022:
o Commercial and Transactions
o Intellectual Property
o Insolvency
o Government and Regulatory
- Shortlisted as one of the only 6 firms in India for the “Firm of the Year” award at the Benchmark Litigation Asia-Pacific Awards 2021
- Recognised in India in the following three practice areas by the Benchmark Litigation Asia-Pacific Rankings 2021:
o Commercial and Transactions
o Intellectual Property
o Insolvency
- Ranked as “Tier 1” for “Copyright / Trademarks” in India in 2021 by Asian Legal Business (Thomson Reuters)
- Transactional Legal Services Provider of the Year by APAC Insider’s APAC Legal Awards 2021
- Recognised by Asian Legal Business under M&A Rankings 2021 & 2020
- Recognised for Corporate / M&A by Asialaw Profiles 2021
- Recognised for M&A; Banking; Project Development; Private Equity; and Restructuring & Insolvency by IFLR1000 2022 & 2021
- Recognised for Commercial & Transactions; Intellectual Property and Insolvency by Benchmark Litigation Asia-Pacific Rankings 2021
- Best Corporate & Commercial Law Firm 2020 – India by Acquisition INTL Magazine’s 2020 Global Excellence Awards
- ‘Bengaluru Firm of the Year’ by India IP Awards 2020
- Recognised for its Real Estate practice by India Business Law Journal at the Indian Law Firm Awards, 2019
- Recognised for its Corporate & Commercial practice by India Business Law Journal at the India Law Firm Awards, 2017-18
Notable Cases
- Value (US$): 735 Million
Deal: As part of the deal, Biocon Biologics Limited (“Biocon”) will offer approximately 15% stake to Serum Institute of Life Sciences (“Serum”) (at a post-money valuation of $4.9 billion) for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets. In addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like Dengue, HIV, etc. The two companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of the vaccines and antibodies. The K Law team specifically advised on the shareholders’ agreement for the transaction.
- Value (US$): 385 Million
Deal: K Law advised Reliance Industries Limited (“RIL”) (the acquirer acquiring through its wholly owned subsidiary Reliance New Energy Solar Limited (“RNESL”)) by conducting legal due diligence and finalising the transaction documents.
Acquisition by RIL (through its wholly owned subsidiary RNESL) of 40% stake in Sterling and Wilson Solar Limited (“SWSL”) (an entity listed on BSE and engaged in the business of providing a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management) through a combination of primary investment, secondary purchase and open offer.
The deal structure includes preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at a price of INR 375 per share to RIL, acquisition of 1.84 crore equity shares by RIL from Shapoorji Pallonji & Co. Pvt. Ltd. (SPCPL) – equivalent to 9.70% post preferential share capital – at a price of INR 375 per share and an open offer to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing approx. 26% stake.
- Value (US$): 268 Million
Deal: K Law represented Axis Bank Limited (lead bank) and nine other members of the consortium including several leading public and private sector banks (“Lenders”). The Borrower is listed on domestic and international Stock exchanges and is a market leading cement manufacturer. The Lenders have elected to settle their outstanding debt to Kesoram Industries Limited (“Borrower”), through repayment of cash amounts and issue of equity shares and optionally convertible redeemable preference shares to the Lenders. To raise funds for the repayment of the cash amounts to the Lenders, the Borrower is in the process of availing debt by way of debentures from Goldman Sachs and Edelweiss (“New Investors”). Our role involved conducting a due diligence of the Borrower, advising on the deal structure, advice in relation to listing regulations, drafting, negotiating and finalising the settlement agreement, the securities subscription agreement and the escrow agreement. Since, the Borrower is a listed entity, our role also involved significant regulatory advice and we also had to structure the transaction such that the parties were at all times compliant with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Value (US$): 200 Million
Deal: Structured staggered acquisition by API Holdings Private Limited (“API”) of 100% stake in Akna Medical Private Limited (“Aknamed”), India’s largest hospital-focused supply chain platform, enabling hospitals to simplify, optimise and monitor procurement and consumption using a cloud-based technology platform, national infrastructure and a complete product basket. The deal was largely a stock deal with a small cash outgo; the consideration value was approximately USD 200 Million / INR 14.75 Billion.
The Firm assisted Aknamed from the time of the inception of the deal with the term sheet, up to closing as well as post-closing activities. The Firm has previously advised Aknamed on multiple investments and acquisitions in the healthcare space.
- Value (US$): 133 Million
Deal: K Law advised JSW Infrastructure Limited (“JSW”). Our role was to provide end to end legal support for the acquisition and included structuring advice, conducting due diligence of multiple entities, drafting and negotiating the transaction documents and providing closing assistance to the acquirer.
JSW acquired the Chettinad Group’s port business with an aggregate capacity of 21.88 MMTP for a consideration of approximately INR 1000 Crore.
- Value (US$): 75 Million
Deal: Investment of USD 75 Million by Abu Dhabi-based ADQ for acquiring 1.8% stake in the drug-maker Biocon Biologics Limited (“Biocon”). ADQ is one of the region’s largest holding companies. Biocon is a subsidiary of Biocon Limited. It is uniquely positioned as a fully integrated ‘pure play’ biosimilars organization in the world and aspires to transform patient lives through innovative and inclusive healthcare solutions. The investment was intended to scale the company in light of a prospective public issue. K Law was Biocon’s legal counsel with respect to advising and assisting them in raising funds by issuance and allotment of equity shares to ADQ for a consideration amounting to USD 75 million. We helped the client in entire documentation required for the deal and assisted in finalizing the corporate process required for investment.
- Value (US$): 66.4 Million
Deal: K Law is advising the Committee of Creditors (“CoC”) of Prius Commercial Projects Private Limited and 4 other related entities (“Prius Entities”) which are all currently undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”). CoC includes Axis Bank Ltd., State Bank of India, Oriental Bank of Commerce, Punjab & Sindh Bank, Phoenix ARC. CoC and Pirus Entities underwent CIRP under the Insolvency and Bankruptcy Code, 2016 (“IBC”). K Law advised the Committee of Creditors during the corporate insolvency resolution process of Prius Commercial Projects Private Limited including the negotiation on the resolution plans. The resolution plan submitted by the consortium of Kotak Investment Advisors Limited, Minicon Insulated Wires LLP and Elita Capital Advisors LLP has been approved by the NCLT Delhi. The NCLT approved the plan vide order dated January 04, 2021.
- Value (US$): 50 Million
Deal: Investment of around USD 50 Million (INR 3.71 Billion) by Lightrock India and other existing investors, and some new investors into fintech major Capfloat Financial Services Private Limited (“Capfloat”), a non-banking financial company. The other existing investors in this round of funding included Sequoia Capital India, Ribbit Capital, Creation Investments and Dinesh Hinduja family office; whereas new investors included David Vélez, founder of Nubank, Kunal Shah, founder of Cred, and Amrish Rau, CEO of Pine Labs. The funds raised will be used to strengthen and scale Capital Float’s BNPL platform and expand its partner ecosystem.
- Value (US$): Confidential
Description: Acquisition by Reliance Brand Limited (“RBL”), of approx. 40% stake in famous designer, Manish Malhotra’s couture brand, MM Styles Pvt Ltd. (“MM Styles”). RBL is part of retail arm of Mukesh Ambani-led Reliance Industries Ltd. This strategic partnership is also the first “external investment” for MM Styles and is intended to accelerate the 16-year old couture house’s growth in India and across the globe. Through this investment, RBL is investing in founder and creative director, Manish Malhotra’s brand – known for Indian craftsmanship, dynamic glamour, and vibrant designs for high-end luxury clothing. The role of the Firm involved advising the client on the transaction including the intellectual property aspect involved. We advised MM Styles and Manish Malhotra on all the intellectual property documentation for this sale including the IP assignment agreement, endorsements assignment agreement and attributes license agreement (for use by Reliance Brands of Manish’s and his brands attributes).
- Value (US$): Confidential
Description: The proprietor of GTS Bullet Rice obtained an ex-parte order of injunction against Peel-works on the ground that selling GTS products on its mobile application Taikee (B-to-B app) would amount to infringement of the proprietor’s trademark and copyright.
We took up the contention that GTS products having been lawfully acquired by Peel-Works, they were entitled to sell them on Taikee, as provided for under the Trademarks Act, 1999.
The City Civil Court, Bangalore upon considering the defense raised by Peel-Work, vacated the ex-parte order on 27.09.2021 and held that since the Defendant is only using the Plaintiff’s registered trademark for the purpose of identification of goods or services as those of the proprietor, the same does not amount to infringement.
Legal Developments
THE IMPACT OF ESG ON M&A TRANSACTIONS IN INDIA
27th March 2024 In recent years, stakeholders have started viewing ESG to be a value driver rather than just another compliance requirement. Consequently, there is greater attention to ESG considerations in M&A transactions.Validity of Restrictive Covenants in Contracts
3rd October 2022 The bedrock of modern-day commerce and trade is based, inter alia, on the relationship between contracting parties, which is governed by the principles of the law of contracts. Technological advancement and globalisation have fostered additional complexities in this sphere, making it incumbent on the parties to protect their legitimate business interests. In a bid to preserve and protect interests such as confidential and proprietary information, ideas and trade secrets, contracting parties often feel the need to include restrictive covenants, impeding the other party from exercising its liberty to use any confidential information or carry out a specific profession, trade or business with any other parties without seeking prior permission from the contracting party. Such restrictive or negative covenants can be of various kinds and include, without limitation, non-compete, non-solicitation and confidentiality clauses.NFTS AND COPYRIGHTS
14th July 2022WHAT IS AN NFT?
The term NFT stands for “non-fungible token”. NFTs are essentially digitalised assets which represent underlying works (as defined under section 2(y) of the Copyright Act, 1957 and hereinafter referred to as “Work/s”) such as art, memes, gifs, music and could even include shoes and clothes.Software Patents – An Indian Perspective
18th May 2022 Software, core of technological innovations, is considered to be the driving force with respect to current developments across sectors such as automobile, healthcare, manufacturing, networking, telecom, etc. In addition, software programs have helped in developing cutting edge technologies, such as artificial intelligence, machine learning, Internet of Things (IOT), blockchain and cognitive computing. Albeit all this development, protection for software programs or Computer Related Inventions (CRI) requires to be examined.Key Highlights of Company Law Committee Report – 2022
18th May 2022 The Company Law Committee (‘CLC’) released its report on March 21, 2022 where the committee has recommended potential amendments to various provisions of the Companies Act, 2013 (‘Act’). The report of 2022 contemplates a significant overhaul of the Act by easing compliance burdens, recognizing / introducing various concepts (such as fractional shares, restricted stock units, stock appreciation rights) and clarifying certain ambiguities in the present Act. A few key highlights of the CLC recommendations are provided below:Integrated Townships in Maharashtra
18th May 2022(A) INTRODUCTION
The “Housing for All Mission 2022” is certainly a challenge, requiring assistance from all quarters and a holistic outlook and approach to address the complex issues prevalent within the real estate industry in India. One of the concepts which has emerged as a catalyst to achieve the objectives is the idea of “Integrated Townships”. An Integrated Township is a ‘city within a city’, which is a combined cluster of housing facilities, commercial business, education, and health-care facilities with corresponding physical infrastructure facilities viz. water supply, sewage disposal facilities, roads, and power supply. The development of core and allied infrastructure facilities forms an integral part of township development. Integrated Townships are well-defined and well-designed residential, commercial, retail and recreational areas having their own integrated waste management systems, water resource management and other amenities in place. The State Governments of Gujarat, Karnataka, Uttar Pradesh and Maharashtra, finding merit in the idea have adopted the integrated townships concept by forming their own state policies. In this article, we shall examine briefly the regulations and concessions introduced within the State of Maharashtra to promote the construction of integrated townships within the State.Legal Briefings
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Insolvency and bankruptcy code – watering down the waterfall mechanism
The advent of the Insolvency and Bankruptcy Code, 2016 (‘Code’) was a huge step by the Indian legislature towards providing a robust, market driven and time bound mechanism for the insolvency and bankruptcy process in India. Prior to the Code, the insolvency laws in India were scattered amongst various laws and judicial forums. However, the …