Virtuous Retail South Asia, a developer of lifestyle shopping centres, acquired a 49% share in the privately held North Delhi Metro Mall (NDMMPL) for US$121 million.
“The investment by Virtuous Retail and its affiliates has been made as a foreign direct investment under the automatic route in the construction and development sector,” Abhishek Awasthi, a partner at AZB & Partners, told India Business Law Journal.
“Subsequent investments may also be made through affiliates in non-convertible debentures through the foreign portfolio investment route in accordance with the applicable laws.”
AZB senior partner Hardeep Sachdeva said the firm advised Virtuous Retail on the structuring of the transaction and assisted with drafting the transaction documents, negotiations, execution and closing of the transaction.
The funding will be used by NDMMPL to build a premium retail facility in central Delhi.
Virtuous Retail is a joint venture between Dutch pension fund APG and Singapore-based Xander Group, which has Indian operations in Bengaluru.
Sachdeva and Awasthi were assisted by senior associate Rukmani Seth. Dua Associates acted for the promoters of NDMMPL.