Corporate & Commercial

Khaitan & Co advised Matel Motion and Energy Solutions Pvt Ltd (Matel), on its Series B funding round of INR 130 crores, led by UC Impower, with Catamaran joining as a new investor and Transition VC continuing its support as an existing investor.

Matel is an Indian technology company which designs and manufactures energy-efficient motors, motor controllers and integrated powertrains for automotive and industrial applications, including electric vehicles, pumping and cooling systems

Khaitan & Co advised Belding India Ltd ("Belding"), a company listed on BSE Limited, on its 100% acquisition of Evolve IT Solutions Pvt Ltd ("Evolve") from its existing promoters / shareholders.

Khaitan & Co advised Mahindra & Mahindra Ltd, a leader in automotive, farm, and services businesses and Mahindra Last Mile Mobility Ltd (MLMML), on a ~INR 322 crores primary fundraise into M&M’s last mile mobility arm, MLMML, at a valuation of INR 10,822 crores.

Khaitan & Co advised Mahindra & Mahindra Ltd, a leader in automotive, farm, and services businesses on the sale and disposal of its Trucks and Buses Division (along with its employees, assets, intellectual property, licences, permits, insurance policies, contracts, rights and liabilities), to SML Mahindra Ltd, as a going concern on a slump sale basis, for a consideration of INR 525 crores, subject to working capital adjustments.

Khaitan & Co advised IIRM Holdings India Ltd (“IIRM”) and its promoters in connection with the proposed primary investment by Carpediem Capital and Sanshi Fund-I in IIRM by way of subscription to a combination of equity shares and fully convertible warrants. The investment is subject to receipt of IIRM’s shareholders’ approval and other applicable regulatory approvals.

Khaitan & Co advised Bain Capital on its acquisition (through its affiliates Integral Investments Asia IV Ltd and BCPE Wellbeing Holdco Two Ltd) of UK’s Vitabiotics Group, comprising Omega Meyer and its subsidiaries across the United Kingdom, India, China, Egypt, Nigeria, Indonesia, the United States, Jersey, the Bahamas and Switzerland and Meyer Organics Pvt Ltd in India.

Khaitan & Co advised Hindustan Composites Ltd on sale of friction business of Hindustan Composites Ltd by way of slump sale to Rane (Madras) Ltd for a total consideration of INR 370 crores. The transaction is subject to regulatory approvals and other closing conditions. As part of the transaction, Rane (Madras) will also acquire the COMPO brand, and 2 plants, expanding its presence across aftermarket, fleet operator, and distribution channels.

Khaitan & Co advised the board of directors of Vikram Solar Ltd in successfully challenging, before the National Company Law Appellate Tribunal, the order passed by the Hon’ble National Company Law Tribunal, Kolkata Bench, commencing the corporate insolvency resolution process of Vikram Solar Ltd pursuant to an application filed by an operational creditor of the company.

Khaitan & Co advised Godrej Finance Ltd (GFL) on its acquisition of the gold loan business of Kanakadurga Finance Ltd.

Khaitan & Co advised BNP Paribas Cardif on its acquisition of an approximately 26% stake in IndiaFirst Life Insurance Company Ltd from Carmel Point Investments Ltd, subject to requisite approvals from the IRDAI and the Competition Commission of India.