Khaitan & Co advised L&T Technology Services (“LTTS”) in relation to sale and transfer its Smart World and Communication Business Unit, comprising of the safe and smart segment and communication segment, to AMI Paradigm Solutions Pvt Ltd (“AMI Paradigm”) on a slump sale basis for a total consideration of INR 452 crores, subject to normal working capital, net debt and other adjustments as contractually agreed.
AMI Paradigm is a special purpose entity set up by ParadigmIT Technology Services Pvt Ltd (“ParadigmIT”) (promoted by Mr. Sridhar Gadhi) focussed on advancing artificial intelligence (“AI”) for public systems and critical infrastructure. Prior to completion of the transaction, AMI Paradigm will be a joint venture between ParadigmIT and AM Intelligence Labs Pvt Ltd.
The Firm acted as the legal counsel for LTTS and assisted LTTS in structuring the sale and drafting, negotiating, finalising and execution of the transaction documents.
The core team consisted of Niren Patel (Partner), Vidur Sinha (Partner), Akhil Kumar (Senior Associate), Vinita Jagtiani (Associate) and Apeksha Chauhan (Associate).