Corporate and Commercial

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 Axis Capital Ltd and IIFL Capital Services Ltd on the initial public offering of equity shares by Allied Engineering Works Ltd. The transaction involves a fresh issue of Equity Shares aggregating up to ₹ 4,000 million and an offer for sale of up to 7,500,000 Equity Shares. 

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 Premji Invest on their participation in the Series C funding round of Indiejewel Fashions Pvt Ltd (dba Giva). The Series C funding round was led by Creaegis and participated by Premji Invest, Epiq Capital, and Edelweiss Discovery Fund.

Khaitan & Co acted as legal advisors to Softbank Vision Fund in relation to redomiciling of Meesho Inc. from US (i.e., Delaware incorporated entity) to India by way of merger of Meesho Inc. into and with Meesho under the NCLT route. 

Khaitan & Co advised a hotel owner in relation to a hotel management agreement with Dusit Hotels for a proposed 120 key hotel in Lonavala.

Khaitan & Co advised Aranda Investments Pte. Ltd. and Macritchie Investments Pte. Ltd. (Temasek entities) on corporate and IPO related aspects in connection with the filing the draft red herring prospectus by Pine Labs Limited for the proposed IPO comprising of a fresh issue aggregating INR 26,000.00 million and an offer for sale of equity shares.

The IPO filing was achieved after successful reverse flip of Pine Labs to India.

Khaitan & Co advised Apollo Management Singapore Pte. Ltd. in relation to issuance of investment grade USD denominated notes aggregating to USD 750 million by Mumbai International Airport Ltd, an Adani group company, with an option of further issuance of USD 250 Million. The subscribers of the Notes included funds managed by Apollo Global, Blackrock, SCB, and Metlife.

Khaitan & Co advised 360 One Alternates Asset Management Limited in relation to investment of approximately INR 700 crores in Knowledge Realty Trust, a Blackstone-backed REIT, as part of its INR 1400 crores pre-IPO fundraise.

The Firm drafted, negotiated and finalised transaction document including warrants subscription agreement, share purchase agreement and the strategic investor unit subscription agreement.

Khaitan & Co advised Mazagon Dock Shipbuilders Ltd in relation to acquisition of a majority stake in Colombo Dockyard PLC ("CDPLC"), an entity listed on the Colombo Stock Exchange for a total consideration of USD 52.96 million. The majority stake in CDPLC will be acquired by Mazagon, through a combination of primary subscription and secondary acquisitions from the shareholders of CDPLC (including Onomichi Dockyard Co. Ltd., a majority shareholder of CDPLC).