Khaitan & Co advised Reliance Retail Ventures, a subsidiary of Reliance Industries, when it acquired a 54% stake in robotics and automation solutions provider Addverb Technologies for about USD132 million by way of a primary issue and secondary acquisition.
While IndusLaw advised Addverb Technologies, Obhan & Associates advised co-founder Neeraj Sharma who sold his stake and exited the company.
The deal, which closed in July 2021, was announced in a regulatory filing on January 19.
Khaitan & Co’s team comprised partners Supratim Chakraborty and Rahul Dutt, principal associate Sumantra Bose, senior associate Riya Dutta and associate Anwesha Sinha (transaction); partner Shailendra Bhandare, principal associate Sourav Dan and associates Rhea Ghanshani and Vivek Singh (intellectual property); partner Anshul Prakash, principal associate Abhimanyu Pal and associate Kruthi Murthy (labour law); partner Shabnam Shaikh (employee stock options); and partner Avnish Sharma, principal associate Kshitij Bishnoi, senior associate Siddharth Godha and associate Saumya Tandon (real estate).
IndusLaw’s team comprised senior partner Avimukt Dar, partner Anubha Sital, principal associate Devya Sharma and associate Nimisha Srivastava. A team including partner Ritesh Kumar and principal associate Shruti KP provided tax and regulatory advice.
Obhan & Associates’ team comprised senior partner Ashima Obhan and principal associate Vrinda Patodia.
Following the acquisition, Reliance Retail Ventures, which is the holding company of Reliance Retail, became the single majority shareholder in Addverb Technologies.