Khaitan & Co has assisted Siemens AG in its purchase from Siemens Energy an 18% stake in Indian joint venture Siemens Limited for EUR2.1 billion (USD2.28 billion).
Khaitan partners Niren Patel, Arindam Ghosh and Shreya Mukherjee led the transaction team, with the assistance of principal associate Shashank Patil. The team advised on structuring the transaction, facets of Indian securities laws such as takeover regulations, insider trading rules, as well as drafting and finalising all documents, including the share purchase agreement.
In this transaction, Siemens Energy’s ownership in the Indian unit will be reduced from 24% to 6%, while Siemens AG’s stake will increase from 51% to 69%, said company statements.
As part of this restructuring, Siemens AG and Siemens Energy are proposing the demerger of Siemens Limited’s energy business into a distinct listed entity.
