Khaitan & Co advised Siemens Ltd in relation to the sale and transfer of the low voltage motors and geared motors businesses, including the related customer service operations of Siemens Ltd to Innomotics India Pvt Ltd, a global leading provider of electric motors and large drive systems, as a going concern by way of a slump sale, for a consideration (enterprise value) of INR 2,200 crore, on a cash-free, debt-free basis, subject to mutually agreed adjustments.
The Firm advised Siemens Ltd on the entire transaction including transaction structuring; preparation, negotiation and finalisation of the slump sale agreement and other transaction documents; and regulatory and listed company aspects.
The deal was assisted by:
Employment, Labour & Benefits: Anshul Prakash (Partner) and Abhisek Choudhury (Principal Associate)
Competition / Antitrust: Anshuman Sakle (Partner), Anisha Chand (Partner), Tanveer Verma (Principal Associate), Yatharth Vardhan Singh (Senior Associate) and Shubhanshu Jain (Associate)
Direct tax: Rahul Jain (Partner)
Corporate & Commercial: Harsh Khemka (Partner)
The core transaction team was led by Niren Patel (Partner), and consisted of Arindam Ghosh (Partner), Shashank Patil (Counsel), Aman Bagaria (Senior Associate), and Vinita Jagtiani (Associate).