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.