Indian law firm Cyril Amarchand Mangaldas has advised longstanding clients Adani Enterprises and Adani Commodities on their proposed exit from its FMCG joint venture Adani Wilmar (AWL), through the sale of its 44 percent stake for $2 billion.
Khaitan & Co has represented JV partner Wilmar Group on its proposed acquisition of a 31 percent stake from Adani Commodities.
The remaining 13 percent will be sold on the open market to comply with minimum public shareholding requirements. The proposed disposal of 44 percent equity stake in AWL will result in Adani Group’s complete exit from AWL.
The CAM team advising the Adani entities on the deal comprised partners Anchal Dhir and Jay Parikh, who joined the firm in July from Luthra and Luthra law offices last year, and principal associate Ayushi Toshniwal. Competition partner Avaantika Kakkar and a capital markets team comprising partner Devaki Mankad and principal associate Mansi Jhaveri also assisted on the deal.
The Khaitan team consisted of partners Karun Cariappa and Abhishek Dadoo, counsel Gaurav Malhotra, and associate Gaurang Mansinghka. Partners Rahul Jain (tax), Abhimanyu Bhattacharya (capital markets) and Anshuman Sakle (competition) also assisted on the deal.
The deal is in line with a trend of private equity exits from Indian companies, which totalled $24 billion across 288 deals, according to research firm Venture Intelligence. This includes PE firm Advent International’s stake sale in Bharat Serums & Vaccines to Mankind Pharma, on which AZB & Partners and Khaitan received mandates.
