Khaitan & Co advised Blackstone Advisors India when The Blackstone Group paid USD700 million for Embassy Industrial Parks, a Warburg Pincus and Embassy Group joint venture that develops and manages warehouses and industrial parks across India. S&R Associates advised Embassy Group.
Khaitan & Co described the acquisition as the largest in India’s logistics and warehousing sector to date. It is expected to make Blackstone the largest owner of warehousing space in the country.
The deal was announced on 10 May and has since closed, and is being done through a secondary share transfer to Blackstone’s BREP Asia II EIP Holding (NQ).
Khaitan’s team comprised partners Aakash Choubey, Deepak Jodhani, Harsh Parikh and Abhiraj Gandhi; principal associates Pavi Jain, Abir Sarkar and Rishabh Vora; senior associate Rhea Jha; and associates Angeline Benny, Deep Shah and Karan Dattani. Partner Vivek Mimani and associate Kaushiki Agarwal assisted with setting up a foreign venture capital investor entity, while partner Shailendra Bhandare and principal associate Sourav Dan assisted on IP aspects of the deal.
S&R Associates’ team was led by partners Sandip Bhagat and Sudip Mahapatra, and included associates Rachita Bhat, Sushmita Sur, Gunit Kaur and Deep Shah.