Cyril Amarchand Mangaldas (CAM) and Davis Polk & Wardwell advised Reliance Retail Ventures and its parent, Reliance Industries, on three investments announced in September into Reliance Retail Ventures for a total of about US$2.5 billion. Shardul Amarchand Mangaldas & Co (SAM) advised the three investors.
In a deal announced on 30 September, SAM and Paul Weiss Rifkind Wharton & Garrison advised General Atlantic when it invested ₹36.7 billion (US$501.8 million) for a 0.84% stake in Reliance Retail Ventures.
On 23 September, it was announced that SAM and Simpson Thacher & Bartlett had advised KKR when it invested ₹55.5 billion for a 1.28% equity stake in Reliance Retail Ventures. And on 9 September, SAM and Latham & Watkins advised Silver Lake when it invested ₹75 billion for a 1.75% equity stake in Reliance Retail Ventures.
The same firms advised the co-investors of Silver Lake when on 30 September it was announced they were pouring in another ₹18.75 billion rupees into Reliance Retail Ventures, bringing the US-based company and its co-investors’ aggregate investment to ₹93.75 billion rupees, which translates into a 2.13% equity stake.
While CAM could not provide the names of lawyers who advised on the three deals, SAM used 27 lawyers on the General Atlantic deal, and 29 lawyers each on the KKR and Silver Lake deals.
Several lawyers on the three almost identical teams assisted on more than one aspect of each deal. All three teams were led by partner Raghubir Menon, who heads the M&A and private equity practice in SAM’s Mumbai office. Other partners on SAM’s team included Natashaa Shroff, Sakshi Mehra, Ekta Gupta, Shahana Chatterji, Rohan Arora, Harman Singh Sandhu, Yaman Verma, Naval Satarawala Chopra and Abhay Sharma.
Davis Polk & Wardwell’s team on all three deals comprised lawyers from its London office: Partners Jeffrey O’Brien and Leo Borchardt, and associates Alexander Simmonds, Maxim Van de moortel, Jack Kelly and Jordan Jacobs.
The Paul Weiss team comprised partners Matthew Abbott, Neil Goldman and associate Cullen Sinclair.
Simpson Thacher’s team included Hong Kong-based partner Ian Ho, registered foreign lawyer Chen Zhang, who provided M&A advice, and New York-based partner Nancy Mehlman and associate Joseph Tootle, who provided tax advice.
The Latham & Watkins team was led by New York-based partner Justin Hamill, Silicon Valley-based partner Chad Rolston, and Singapore-based partner Farhana Sharmeen. Partner Katharine Moir advised on tax matters.
All three deals are subject to regulatory and other customary approvals. While information on dates for closing the deals was not available, the approximately US$2.5 billion reeled in is expected to further Reliance Retail’s plans to “galvanize the Indian retail sector through an inclusive strategy serving millions of customers”.
The investments will also take forward Reliance’s plans to become a zero net-debt company – a target that the company said it met in June, nine months ahead of target.