A view shows Ambuja Cement bags, to be carried to a construction site, in a load carrier in Ahmedabad, India, July 29, 2022. REUTERS/Amit Dave/


Cyril Amarchand Mangaldas has advised Adani Group’s Ambuja Cement on its acquisition of a majority stake in cement manufacturer Sanghi Industries, which was counselled by Khaitan & Co.

As per the agreement, Ambuja Cement, India’s second-largest cement producer, will buy close to a 57 percent stake in Sanghi, valued at over $600 million, from its existing promoter group led by Ravi Sanghi.

The CAM team was led by partners Ruetveij Pandya and Jeeta Nayak. Finance partner Atman Desai and the firm’s antitrust head Avaantika Kakkar also supported the deal.

Khaitan’s team advising Sanghi Infrastructure was led by public M&A partner Abhishek Dadoo. Khaitan’s M&A head Haigreve Khaitan advised on deal structuring. Partners Anshuman Sakle (antitrust), Shivanshu Thaplyal (mining), Harsh Parikh (real estate) and Smita Jha (finance) also assisted on the deal. Partner Mehul Shah advised on merger-related-structuring issues.

CAM advised the Adani Group when it entered the Indian cement sector last year with a $10.5 billion deal to buy Ambuja and ACC from Swiss giant Holcim.


Related Articles

BRIEFS: SE Asia poised for robust M&A year as tech, energy sectors drive dealmaking

by Sarah Wong |

With global businesses and investors growing weary of China's anaemic economic rebound and geopolitical upheaval, Southeast Asia has continued to solidify its standing as a key regional destination for dealmaking. While 2023 didn't match the highs of 2022, either in terms of deal value ($129.8 billion versus $90.6 billion) or volume (1,278 versus 933) – as per research from Mergermarket, White & Case, and ION Analytics) – last year dwarfed 2021 in terms of number of deals, and beat both 2019 and 2020 in terms of total amount.

MoFo, Paul Weiss acting on Japan homebuilder Sekisui’s $4.9 bln purchase of MDC

by Mari Iwata |

Morrison Foerster is advising Japanese homebuilder Sekisui House on its $4.9 billion acquisition of Denver-based MDC Holdings, which was represented by Paul, Weiss, Rifkind, Wharton & Garrison and Brownstein Hyatt Farber Schreck.

Trilegal, SAM act on $1 bln India toll road deal

by Nimitt Dixit |

Indian law firm Trilegal has guided infrastructure investment trust Highways Infrastructure Trust (HIT) on its approximately $1.08 billion acquisition of 12 road projects from PNC Infratech, which was advised by Shardul Amarchand Mangaldas.