Real Estate

Khaitan & Co advised Nuvoco Vistas Corporation Limited (“Nuvoco”) in relation to the acquisition of Vadraj Cement Limited (“Vadraj”) pursuant to the implementation of Nuvoco's resolution plan approved by the committee of creditors of Vadraj and the National Company Law Tribunal, Mumbai bench by way of its order dated 01 April 2025. Following the same, Nuvoco moved the Special PMLA Court in Mumbai and was able to get a restoration of assets order for the assets of Vadraj attached by the Enforcement Directorate, Mumbai in the ILFS proceedings.

Khaitan & Co advised Torrent Pharmaceuticals Ltd on its proposed acquisition of a stake in J.B. Pharma from KKR, valuing J.B. Pharma at INR 25,689 crores. The deal includes acquisition of KKR’s 46.39% stake in J.B. Pharma for INR 11,917 crores, an open offer for acquisition of up to 26% stake of J.B. Pharma, a potential 2.80% stake purchase from certain employees and a proposed merger of J.B. Pharma with Torrent. 

Khaitan & Co advised JSW Paints Ltd in relation to a transaction for acquisition of a stake up to 74.76% in Akzo Nobel India Ltd (ANIL) from Akzo Nobel N.V. and its affiliates for a consideration of ~INR 9,403 crores, subject to certain closing adjustments ("Proposed Transaction"). The Proposed Transaction is subject to the approval of the Competition Commission of India and the completion of a mandatory tender offer to the public shareholders of ANIL. 

Khaitan & Co advised Sobha Ltd on the joint development of a slum project situated at Sewri, Mumbai, with Landmark Developers. Sobha has poised this development to be its first marquee project in Mumbai redevelopment circuit. The transaction involved advising the client in undertaking title diligence, negotiating and finalising joint development agreement.

Khaitan & Co advised Knest Manufacturers LLP on an INR 300 crores primary investment by Lighthouse India Fund IV AIF.

Khaitan & Co advised the Blackstone Group in its acquisition of South City Projects (Kolkata) Ltd (“SCPKL”) from its existing shareholders, comprising of Merlin Group, Sureka Group, Emami Group, JB Group, Shrachi Group and Rameswara Group. SCPKL houses the iconic “South City Mall” in Kolkata, West Bengal. 

Khaitan & Co advised JK Cement Ltd in relation to completion of its acquisition of 60% of the paid-up share capital of Saifco Cements Pvt Ltd by way of purchase of equity shares from the existing shareholders of Saifco, and subscription to fresh equity shares to be issued by Saifco to JK Cement Ltd, for which the transaction documents were executed in January 2025.

This transaction marks the entry of one of the biggest national cement players – JK Cement Ltd, in the region of Jammu and Kashmir, and is the first joint venture of the region in the cement sector.

Khaitan & Co advised and represented Hines Group through its group company Powai Lake Residential Pvt Ltd in its acquisition of development rights in respect of land admeasuring approximately 3.4 acres at Chandivali, Powai for developing a mixed used asset.

The transaction involved acquisition of development rights and also release and reconveyance of existing mortgage which was created by the erstwhile developer.

Khaitan & Co advised and assisted IFB Agro Industries Ltd on the proposed acquisition of the entire commercial compound shrimp feed and freshwater fish feed business of Cargill India Pvt Ltd as a going concern on a slump sale basis, along with its manufacturing facilities located at Vijayawada and Rajahmundry in Andhra Pradesh, subject to the terms of the definitive agreements.