Khaitan & Co advised Stonepeak Partners LLC on the proposed acquisition of Castrol Group Holdings Ltd from BP plc. (Seller), in a transaction valuing the Castrol business at an enterprise value of ~USD 10 billion. The Seller will retain a 35% non-controlling interest as part of the transaction.
The draft Income-tax Rules, 2026 (New Rules) have been released by the Government of India as part of the transition to the Income-tax Act, 2025 (New Act).
On 23 February 2026, the Ministry of Finance, Government of India issued a press release stating that India and France have signed a protocol (Amending Protocol) to amend the existing tax treaty between them (Existing Treaty).
Khaitan & Co advised funds managed by American Industrial Partners in connection with their entry into definitive documents for the sale of MolyCop Group to Tega Industries in partnership with funds managed by Apollo Global Management for an EV value of approx USD 1.45 Billion. MolyCop is a leading global supplier of grinding media for the mining industry.
Khaitan & Co advised Massachusetts Institute of Technology in relation to acquisition of a minority stake in JSW One Platforms Ltd through secondary transfers.
The Firm reviewed, negotiated and finalised the transaction documents for completion of the Purchaser’s secondary investment in JSW One Platforms Limited.
Khaitan & Co advised Sunteck Realty Ltd in its proposed strategic acquisition of Shreejikrupa Hotels and Properties Pvt Ltd through its WOS Apricum Buildwell Pvt Ltd.
Khaitan & Co advised The Indian Hotels Company Ltd (IHCL) on sale of its entire shareholding in TajGVK Hotels and Resorts Ltd, being 25.52% of the paid up share capital of TajGVK Hotels and Resorts Ltd, to Mrs. Shalini Bhupal (a member of the promoter group of TajGVK).
The Indian Government has presented the Union Budget 2026, outlining a series of policy and tax proposals. The Budget reinforces the Government’s long-term vision of transforming India into a developed, inclusive, and globally integrated economy.
Jimmy Bhatt is a Partner in the Direct Tax practice at Khaitan & Co, Mumbai. He is a Chartered Accountant and lawyer with over 14 years of experience advising corporate income tax and regulatory matters, including M&A tax, inbound investment structuring and entry strategies, cross-border transactions, transfer pricing, tax treaty interpretation, litigation, trust taxation, and expatriate taxation.
In a landmark judgement, the Supreme Court of India has overturned the decision of Delhi High Court in the case of Tiger Global and denied capital gains tax exemption claimed under the India-Mauritius Tax Treaty on sale of shares in Flipkart Private Limited, Singapore.
