Deals in brief

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Shardul Amarchand Mangaldas & Co advised Tata Chemicals on its ₹1.2 billion (US$18.4 million) acquisition of the precipitated silica business of Allied Silica Limited (ASL) on a slump sale basis.

The firm’s general corporate practice advised Tata Chemicals on the transaction, including on due diligence; drafting and advising on the business transfer agreement; and advising on the process of transfer of leasehold property of State Industries Promotion Corporation of Tamil Nadu from ASL to Tata Chemicals.

The M&A transaction team was led by partner Abhishek Guha, while partner Dorothy Thomas provided local regulatory and real estate advice. The deal is expected to close in July.


AZB & Partners advised the Bangladesh-based BRAC Bank on securing a short-term loan of US$40 million from the International Finance Corporation (IFC). The loan was approved on 27 March and disbursed on 3 April.

The proceeds of the loan will be used for supporting the foreign currency needs of small and medium-sized enterprises in Bangladesh. The loan serves the World Bank and IFC’s strategy of promoting economic growth by providing access to finance to underserved market segments. Partner Dushyant Bagga advised BRAC Bank, supported by senior associate Nikhil Bahl and associate Aditi Aggarwal.


Luthra & Luthra assisted Nutanix in its global acquisition of Minjar for US$24 million. Nutanix is a global provider of enterprise computer and storage data centre infrastructure, while Minjar provides multi-cloud cost and compliance software and services.

Luthra & Luthra assisted in structuring and executing the transaction. This involved cancelling the existing employee stock option plans and providing for transaction bonuses for key employees. The firm also assisted in conducting due diligence on India-level entities and pre-closing activities.

The acquisition will help Nutanix acquire key IP and speed up the delivery of an enterprise cloud platform. The Luthra & Luthra team was led by partner Shinoj Koshy, supported by associates Sukanya Bhattacharya, Aishwarya Mudgil and Sanyukta Sowani.


J Sagar Associates advised the promoters of RattanIndia Finance in connection with an investment by Lone Star Funds in the company. The promoters of RattanIndia Finance simultaneously invested additional capital in the company along with Lone Star. The overall investment commitment from Lone Star and the promoters is US$400 million.

RattanIndia Finance, part of the RattanIndia group, is a non-banking financial company engaged in providing loans, advances and other credit-related instruments in India. Lone Star is a US-based private equity firm that invests in real estate, equity, credit and other financial assets.

The JSA team comprised partner Rupinder Malik, principal associate Revathy Muralidharan and associate Avani Verma. Lone Star was represented by the Mumbai office of AZB & Partners.