Chandhiok, Khaitan advise on India Glycols-Clariant JV

Chandhiok & Mahajan, Khaitan & Co advise on India Glycols-Clariant JV

Chandhiok & Mahajan advised Swiss stock exchange-listed Clariant International when it established a joint venture with green chemicals manufacturer India Glycols. Khaitan & Co advised the BSE and NSE-listed India Glycols.

The deal was signed on 11 March and closed on 1 July.

Chandhiok & Mahajan’s team comprised managing partner Pooja Mahajan, partner Kaushalya Venkataraman, managing associate Lovejeet Singh and associate Jagrat Rawal. Partners Karan Singh Chandhiok and Deeksha Manchanda assisted on competition law.

Khaitan & Co’s team comprised partners Bharat Anand, Pashupati Nath and Pranjal Prateek, and associates Abhiroop De and Yashodhara Chauhan.

The deal saw the transfer of India Glycols’ entire speciality chemicals business on a slump sale basis under a business transfer agreement to the joint venture company, Clariant IGL Specialty Chemicals, which will manufacture renewable ethylene oxide derivatives.

Subsequently, India Glycols and Clariant IGL Specialty Chemicals entered into a joint venture agreement with Clariant, which holds a 51% stake in Clariant IGL Specialty Chemicals.