Khaitan & Co advised Texmaco Rail and Engineering Ltd (Texmaco) and Texmaco Defence Technologies Ltd (Texmaco Defence), a wholly owned subsidiary of Texmaco, in relation to a proposed investment by Texmaco and Vagus Def Tech & Aerospace Fund-1, the pooling vehicle of Calculus Defence Fund (Calculus). Pursuant to the completion of the investment Texmaco and Calculus will hold 70% and 30% of Texmaco Defence, respectively.
Texmaco Defence will be engaged in the business of sourcing, developing, manufacturing, marketing and selling defence technology products in India and other mutually agreed territories and carrying out any related or ancillary business activities.
Texmaco is a listed company engaged in the business of designing, engineering, manufacturing and sale of railway wagons, coaches, locomotives (together with its components) and execution of railway infrastructure projects, including signalling device installation, telecommunication device installation, track laying, electrification, hydro mechanical, auto fare collection, etc.
Calculus is a Category II Alternative Investment Fund, with Calculus New Frontiers LLP, which functions as an investment vehicle for investors proposing to undertake focused investment in entities engaged in business pertaining to the defence sector.
The deal team comprised of Shourya Sengupta (Partner), Riya Dutta (Consultant), Supallab Chakraborty (Principal Associate), Joysurjo Roy (Senior Associate) and Ishika Sinha (Associate).