Niren Patel

Advised White Oak Group and GPL Finance & Investments Limited (a subsidiary of the White Oak Group) in relation to 100% buyout of Yes Mutual Fund by acquisition of 100% of: (i) Yes Asset Management (India) Limited and (ii) Yes Trustee Limited by GPL Finance & Investments Limited for a total consideration of INR 80 crores (USD 10.7 million).

Advised Siemens Aktiengesellschaft (SAG) and the Siemens Group in the sale by SAG of (i) 24% equity shares of Siemens Limited (SIL),to its subsidiary, Siemens Gas and Power Holding B.V. for a total consideration of USD 1.14 billion; (ii) 47.70% equity shares of SIL to its subsidiary, Siemens International Holding B.V. for a total consideration USD 2.43 billion, through separate strategically structured block deals on the floor of the stock exchange (BSE Limited). SAG will continue to be the ultimate holding company and promoter of SIL following the completion of the block deals. Taken together, such sale by SAG of its 71.70% shareholding in SIL is the largest block deal ever to have been carried out in India (with a total combined value of INR 26,757 crores (approximately USD 3.57 billion).

Advised Nippon Life Insurance Company (Nippon) in (i) the acquisition of shares of Reliance Nippon AMC for a total consideration of USD 646 million; (ii) prior to that, acquisition of stakes through multiple tranches in the AMC from RCAP ultimately resulting in Nippon holding 49% of the AMC for an aggregate investment of USD 532 million.

Advised Fosun International Limited, Shanghai Fosun Pharmaceutical (Group) Co., Ltd and its various subsidiaries on their acquisition of 74% stake in Gland Pharma Limited from KKR, its Promoters and other shareholders for a total consideration of USD 1.09 billion (being the largest acquisition of an Indian company by a Chinese firm).

Advised True North Managers LLP in its acquisition of a majority stake in Max Bupa Health Insurance Company Limited (Max Bupa) from Max India Limited and separately from Bupa Singapore Holdings Pte. Ltd. for a total consideration of USD 73.5 million.

Advised Birlasoft (India) Limited and its Promoters - National Engineering Industries Limited and Central India Industries Limited in the overall transaction, including (i) the open offer by promoters of KPIT Technologies Limited (KPIT) and Birlasoft to KPIT’s public shareholders for acquiring up to 26% of KPIT’s share capital; (ii) merger of Birlasoft into KPIT; and (iii) demerger of the Engineering Business from KPIT into KPIT Engineering Limited, to first create a USD 700 million company, which will then be split into two publicly-traded companies (a USD 500-million enterprise digital IT services company and a USD 200-million automotive software engineering company).

Advised HIL Limited (listed company) in relation to sale and transfer of its calcium silicate insulation products division operated under the brand 'HYSIL' to Calderys India Refractories Limited (wholly-owned subsidiary of France-based Imerys Group (Euro 4.6 billion group)) through a slump sale arrangement (business transfer) on a going concern basis for a total consideration of  USD 11.4 million. 

Advised Aircel limited (Aircel) and its shareholder Maxis Communications Berhard (MCB) on the merger (by way of slump sale) of the entire wireless telecommunications business of Reliance Communications Limited and Reliance Telecom into Aircel and Dishnet Wireless Limited (subsidiary of Aircel).  This deal would have been the largest ever consolidation in the Indian telecommunications sector and the Merged Co would have been one of India’s largest private sector companies, with an asset base of over USD 9.7 billion and net worth of USD 5.2 billion. 

Advised Wadhawan Global Capital Limited and DHFL General Insurance Limited in the sale of 100% of share capital of DHFL General Insurance Limited to Navi Technologies Private Limited (a Sachin Bansal company), including obtaining approval of the IRDAI.