10 November 2023 | New Delhi: Shardul Amarchand Mangaldas advised Ring Plus Aqua Limited (“RPAL”) on the strategic acquisition of 59.25% stake in Maini Precision Products Limited (“MPPL”), an entity engaged in the business of manufacturing, as per customer specific drawings, and supplying, high precision mechanical components, assemblies, and subassemblies to the automotive, industrial, defence and aerospace sectors, by way of acquisition of equity shares of MPPL from Gautam Maini, Sandeep Kumar Maini, Maini Family Trust, KMaini Motorsports India Private Limited (collectively, the “MPP Group Members”), Paragon Partners Growth Fund - I and Amit Mohatta (together, the “Minority Investors”) (“Strategic Acquisition”). The Strategic Acquisition was valued approximately at INR 682 crores and the expected date of closing the same is 15 January 2024.
The Strategic Acquisition is to be followed by the consolidation of businesses of JK Files & Engineering Limited (“JK Files”), RPAL and MPPL by way of a composite scheme of arrangement in the following manner: (i) demerger of JK Files involving the engineering business of JK Files and investments of JK Files in RPAL and JK Talabot Limited, into a wholly owned subsidiary of Raymond Limited (“NewCo”); and (ii) the merger of MPPL and RPAL with the NewCo (“Proposed Composite Arrangement”) (Strategic Acquisition and Proposed Composite Arrangement to be together referred to as the “Proposed Transaction”).
Pursuant to the Proposed Transaction, Raymond Limited’s engineering business will emerge as a large-scale provider of engineering, automotive, electric vehicle, aerospace & defense components, distinctly positioned to target high-growth precision engineering products with a significant presence across domestic as well as international markets.
The transaction team was led by Manav Nagaraj, Partner; Anuj Bhasme, Partner; KS Bhargava, Partner; Apeksha Narula, Senior Associate; Tarun Reddy, Associate; Anusha Chand, Associate; and Viraj Vaidya, Associate.
The diligence team was led by Manav Nagaraj, Partner; Anuj Bhasme, Partner; Pooja Ramchandani, Partner; KS Bhargava, Partner; Kriti Kaushik, Partner; Karan Joseph, Partner; Apeksha Narula, Senior Associate; Smita Rakshale, Senior Associate; Pravardhan Urs, Senior Associate; Tarun Reddy, Associate; Anusha Chand, Associate; Aakash Rao, Associate; Viraj Vaidya, Associate; Gawry Cootaiah, Associate; Istuti Kapoor, Associate; Sanskriti Nigam, Associate; and Shalini Prem, Associate.
The competition team was led by Gauri Chhabra, Partner; Gargi Yadav, Consultant; Anjana Ravikumar, Associate; and Ujwala Kishore Adikey, Associate.
Trilegal and EY advised MPPL on the legal and tax aspects respectively.
IndusLaw advised Minority Investors on the legal aspects.
Trilegal and EY advised MPP Group Members on the legal and tax aspects respectively.
KPMG, Dhruva Advisors LLP and Alvarez and Marsal advised RPAL on the tax and financial aspects respectively.
About Shardul Amarchand Mangaldas & Co:
Shardul Amarchand Mangaldas & Co., founded on a century of legal achievements, is one of India’s leading full-service law firms. The Firm’s mission is to enable business by providing solutions as trusted advisers through excellence, responsiveness, innovation, and collaboration. SAM & Co. is known globally for its exceptional practices in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, dispute resolution, international commercial arbitration, capital markets, banking & finance, tax, intellectual property, data protection and data privacy, technology law and projects & infrastructure.
The Firm has a pan-India presence and has been at the helm of major headline transactions and litigations in all sectors, besides advising major multinational corporates on their entry into the Indian market and their business strategy. Currently, the Firm has over 822 lawyers including 166 Partners, offering legal services through its offices in New Delhi, Mumbai, Gurugram, Ahmedabad, Kolkata, Bengaluru, and Chennai.
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