Shardul Amarchand Mangaldas & Co (SAM) has counselled Ring Plus Aqua Limited (RPAL) in the strategic acquisition of a 59.25% stake in Maini Precision Products Limited (MPPL) for INR6.82 billion (USD81 million).
Partners Manav Nagaraj, Anuj Bhasme and KS Bhargava led the transaction team, with the assisstance of senior associate Apeksha Narula and associates Tarun Reddy, Anusha Chand and Viraj Vaidya. The same partners mentioned previously led the diligence team, while partner Gauri Chhabra led the competition team.
The acquisition involved obtaining equity shares of MPPL from various stakeholders including Gautam Maini, Sandeep Kumar Maini, the Maini Family Trust and KMaini Motorsports India (collectively referred to as the MPP group members), as well as minority investors Paragon Partners Growth Fund – I and Amit Mohatta.
Trilegal and EY advised MPPL and MPP group members on the legal and tax aspects of the transaction, while IndusLaw assisted the minority investors. KPMG, Dhruva Advisors LLP, and Alvarez and Marsal advised RPAL on the tax and financial aspects of the deal.
After the strategic acquisition, JK Files, RPAL and MPPL will be consolidated into a wholly owned subsidiary of Raymond Limited named NewCo. The transaction is expected to be completed on 15 Jauary 2024.
MPPL specialises in the manufacture of high-precision mechanical components, assemblies, and subassemblies tailored to customer-specific drawings, catering to the automotive, industrial, defence and aerospace sectors.
