Veritas Legal acted for UPL in its joint venture with Aarti Industries, where the two have agreed to manufacture and market specialty chemicals for various downstream industries.
Chemicals manufacturer UPL, formerly United Phosphorus Limited, and Aarti Industries will collectively invest USD34 million.
On closure of the transaction, both UPL and Aarti Chemicals Private, also a top chemical manufacturer in India specialising in industrial chemicals, will each hold a 50% stake in Augene Chemical Private, a relatively new company manufacturing chemicals and chemical products.
Veritas Legal provided support for multiple transaction documents including the shareholders agreement, share subscription agreement, manufacturing and supply agreements, and other documents. The firm’s team was led by partners Abhijit Joshi, Tushar B Raut and Shubhangi Pathak, assisted by senior associate Avadhoot Potnis, principal associate Zenia Cassinath and associates Anamika, Prapti Parwani and Swasti Patoria.
