India Business Law Journal Punching above its weight

76 Pages·2013·4.93 MB·English

India Business Law Journal
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VVoolluummee 77,, IIssssuuee 11
Punching above its weight
Is India’s competition watchdog up to the task it has set itself?
Scrutinizing India’s solar power policies
The top foreign law firms for India deals
Learning lessons from UK banking disputes
In-house counsel share IP protection tactics
www.indilaw.com

Contents
3 Leader
17
Building trust in troubled times
4 Inbox
Punching
5 News

above its
Rao races back in-house
ELP rounds up new recruits weight
Tech Mahindra seals Satyam merger
Multiples purchases stake in Milltec Is India’s competition watchdog
up to the challenges it has set for itself?
10 The wrap
Legislative & regulatory update: page 10
Court judgments: page 13 24
16 Vantage point
Falling short
Sunny
Regulatory inadequacies are holding back
India’s drugs industry, argues DG Shah of solutions?
the Indian Pharmaceutical Alliance
17 Cover story
Solar power presents attractive investment
Punching above its weight opportunities, but investors must contend
with complex state and national regulations
24 Spotlight
Sunny solutions?
37
29 L ooking in-house for IP insights

DuPont and JCB lawyers explain how to stay
ahead of India’s intellectual property violators
32 What’s the deal? The pioneers
London calling
Precedents set by English courts in banking Which international law
and finance disputes are highly relevant to firms are leading the
Indian investors and institutions way in keeping India’s
cross-border deals
37 Intelligence report
on course?
The pioneers
58 Correspondents
Expert advice from India Business Law Journal’s correspondent law firms
58 Aviation 66 Mergers & acquisitions
Tyabji Dayabhai Amarchand Mangaldas
59 Canada-India trade & investment 67 Mining
Bennett Jones RRG & Associates
60 Dispute resolution 68 Pharmaceutical sector
Bharucha & Partners Udwadia Udeshi & Argus Partners
61 Food law 69 Private equity & venture capital
DH Law Associates Khaitan & Co
62 Foreign direct investment 70 Real estate
OP Khaitan & Co Mine & Young
63 Healthcare & life sciences 71 Regulatory developments
Krishna & Saurastri Phoenix Legal
64 Infrastructure & energy 72 Taxation & transfer pricing
Trilegal Economic Laws Practice
65 Intellectual property
Singh & Associates
June 2013 India Business Law Journal 1
Editorial board
India Business
Law Journal
June 2013
Volume 7, Issue 1
ISSN: 1994-5841
Contact us
Pravin Anand Shamnad Basheer Lalit Bhasin Himavat Chaudhuri Sumes Dewan Girish Gokhale
Managing Partner Professor in IP Law Managing Partner Executive Director Partner President - Legal Editorial
Anand and Anand National University of Bhasin & Co & Senior Counsel Desai & Diwanji & Group General Email: [email protected]
Juridical Sciences Turner General Counsel Telephone: [phone]
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Editor
Vandana Chatlani
Toby Greenbury Manik Karanjawala Amit Anant Moghay Fali S Nariman Jane Niven Mysore R Prasanna Deputy editor
Consultant Partner General Counsel Senior Counsel Regional General Independent Rebecca Abraham
Khaitan & Co Karanjawala & Co HSBC Counsel Consultant
Consultant editor
Jones Lang LaSalle
Simmie Magid
Contributors
Bhavana Alexander
Gargi Chatterjee
DG Shah
Nicola Vinovrški
Production editor
Pun Tak Shu
Premnath Rai Martin Rogers Vijaya Sampath Sunil Seth Ashok Sharma Pallavi Shroff Head of marketing
Founding Partner Partner Adviser to the Senior Partner Founder President Managing Partner
PRA Law Offices Davis Polk & Chairman & Seth Dua & Indian Corporate Amarchand Billy Chung
Wardwell Group CEO Associates Counsel Association Mangaldas Associate publisher
Bharti Enterprises Tina Tucker
Executive editor
Chris Hunter
Publisher
James Burden
Printed in Hong Kong
Amarjit Singh Shruti Dvivedi Sodhi Shardul Thacker Bhavna Thakur Jagannadham Rohan Weerasinghe
Managing Partner Director - Legal Partner Director & Head of Thunuguntla General Counsel &
Amarjit & Associates Colt Technologies Mulla & Mulla & Equity Capital Markets Strategist & Head of Company Secretary
Craigie Blunt & Caroe Citigroup Research Citigroup
SMC Global Securities
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A Shroff & Co
• OP Khaitan & Co Directors
James Burden, Kelley Fong,
• Bennett Jones
• Phoenix Legal Chris Hunter
• Bharucha & Partners
• RRG & Associates
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2 India Business Law Journal June 2013
Leader
Opinion
Building trust in troubled times
These have been tough times for As every in-house lawyer will know, maintaining the repu-
tation of a company is often linked to protecting its intel-
cricket lovers across India
lectual property. While this is a particular challenge in India,
the fact remains that the country is an immensely attractive
A recent spot-fixing scandal that revealed the seamier market for many global IP owners. In Looking in-house for IP
side of the glitzy Indian Premier League has left many insights (page 29) we turn to in-house counsel at the Indian
fans questioning the wisdom of their long-standing operations of DuPont and JCB for their perspectives on
loyalty to the game. Even after the Indian team emerged the problem. Their insights are incisive and will be of great
triumphant at the ICC Champions Trophy in early June, the interest to other in-house counsel in India and beyond.
struggles to keep the faith continue on account of the turmoil After all, nothing can beat local knowledge for getting a
within the body that oversees Indian cricket, the Board of handle on what is a very Indian problem.
Control for Cricket in India. Knowledge of a more distant kind comes into focus in
While this is bad news for Indian cricket, the scepticism this month’s What’s the deal? (page 32). Here we examine
it has triggered may also cast a shadow on other bod- the implications for Indian investors and financial institu-
ies that regulate sectors of the Indian economy. For, if the tions of banking-related judgments by UK courts. The UK is
powers-that-be lack the necessary vision a major hub for the resolution of banking
and integrity to ensure the well-being of a and derivatives disputes, and as such,
sport, can they be trusted to regulate criti- many of the judgments issued there –
India Business Law Journal
cal sectors of the economy in a manner and the precedents they set – are directly
Your partner in legal intelligence JJuunnee 22001133
that secures the common good? VVoolluummee 77,, IIssssuuee 11 relevant to India.
The confidence inspired by a regula- Our coverage includes analysis
tor is critical for the well-being of the of recent cases involving the London
sector that it oversees. Writing in this Interbank Offered Rate (LIBOR) scan-
month’s Vantage point (page 16), DG dal, which will have far-reaching conse-
Shah, the secretary general of the Indian quences around the world.
Pharmaceutical Alliance, argues that reg- Closer to home, an acute shortage of
ulatory inadequacies are holding back power has long been one of the greatest
India’s drugs industry. Shah expresses challenges to India’s development. As
Punching above its weight
serious concerns over the effectiveness steps are taken to tackle the problem,
of India’s drugs regulator, the Central Is India’s competition watchdog up to the task it has set itself? renewable energy technologies, including
Drugs Standard Control Organization, and solar power, have risen to prominence.
argues that the regulator’s shortcomings Scrutinizing India’s solar power policies In Sunny solutions (page 24) we consider
are damaging the international credibility The top foreign law firms for India deals the burning issues facing investors in the
Learning lessons from UK banking disputes
of the country’s pharmaceutical industry. In-house counsel share IP protection tactics sector. While the Electricity Act, 2003,
Shah may have been heart- www.indilaw.com remains the significant legislation regu-
ened when India’s finance minister, lating the generation, transmission and
P Chidambaram, recently spoke of the distribution of electricity, investors must
need for a regulator that “favours none and spares none”. also grapple with numerous different state laws and poli-
The minister was delivering a lecture organized by India’s cies. Our coverage compares some of the key state solar
antitrust watchdog, the Competition Commission of India power policies and sheds much light on the how investors
(CCI). But is this a regulator that is up to task? may pursue opportunities in the sector.
In our Cover story this month (page 17), we look back This month’s Intelligence report (page 37) presents India
at the CCI’s short history and ask whether it is capable of Business Law Journal’s seventh annual survey of the top
rising to the considerable challenges it has set for itself. international law firms for India-related work. Our coverage
The CCI has been fully functional for just two years, but it reveals the top 10 foreign firms for India-related work, as
has already been flexing its muscles. It has imposed widely well as 10 key players and 20 significant players. We also
publicized penalties of previously unheard-of amounts and highlight 25 regional and specialist law firms, and 35 “firms
some observers have expressed concerns over the man- to watch”, that we believe in-house counsel should keep
ner in which it has gone about prosecuting cases of anti- well within their sights.
competitive behaviour. This issue of India Business Law Journal marks the start of
Samir Gandhi, a partner at AZB & Partners who heads our seventh year of publication. Since our first issue in June
the firm’s competition law practice, believes the CCI “may 2007, we have strived to make sense of complex transac-
be missing the wood for the trees” in its hurry to send out tions and regulations, to bring clarity to areas of confusion
a powerful message. However, others suggest that the CCI or ambiguity, and to foster intelligent debate on significant
is yet to develop the necessary rigour to be an effective issues. As we mark this important anniversary, we would
regulator. This may well prove to be the CCI’s Achilles heel like to thank our readers, our contributors, our advertis-
and will need to be overcome if the regulator is to make any ers, our correspondent law firms and our editorial board
headway in levelling the playing field, and in doing so, earn- members. We look forward to continuing to serve you in
ing people’s trust. the years ahead. g
June 2013 India Business Law Journal 3
Inbox
Letters to the editor
AfricA-indiA trAde The format that included comments
from trade regulators and industry par- intellectuAl property
ticipants gave an outlook of a steady
Roadmap for the savvy investor and dynamic transition from struggling
African economies to vibrant investor- Creative aesthetics
Dear Editor, friendly platforms.
The journal further put the eco- Dear Editor,
Congratulations on the release of nomic histories, reforms, challenges,
yet another insightful edition of India and the stages of development of India Business Law Journal is
Business Law Journal. The Intelligence divergent African economies into informative and keeps readers
report on investments in Africa pub- focus. Such a multifaceted approach abreast with the latest legal devel-
lished in the May issue of the journal adds value to the overall content and opments. I was intrigued particu-
highlights the recent investment cli- is useful to those with interests in larly by the May issue, which I saw
mate and issues particularly of inter- both Africa and Asia. at your booth at the International
est to Indian businesses in light of an The particulars are specific in con- Trademarks Association con-
increase in trade volume. tent and elaborate in jurisdiction. It ference. The cover, which fea-
The estimated annual trade volume goes without saying that the com- tured pictures of professionals in
between India and Nigeria in 2012, for ments and contributions are a useful the IP arena, was very creative.
example, was US$10 billion, resulting addition to advanced discourse on Keep it up!
in India overtaking the US as Nigeria’s investment in Africa.
largest trading partner. The assess- Vikram Grover
ment of the regulatory environment Oladiran Ajayi Principal
for investments in key African coun- Senior Associate Groverlaw
tries certainly provides a roadmap for Templars New Delhi
the savvy investor. Lagos
Opinions?
Observations?
Feedback?
We want to hear from you.
India Business Law Journal welcomes your letters.
Please write to the editor at [email protected].
Letters may be edited for style, readability and length, but not for substance.
Due to the quantity of letters we receive, it is not always possible
to publish all of them.
4 India Business Law Journal June 2013
News
SEBI sparks race to comply with shareholding rules
The Securities and Exchange
Board of India (SEBI) has begun
penalizing public listed com-
panies that failed to meet the 3 June
deadline for putting a minimum of
25% of their equity shares in public
hands. Statistics from 4 June show
that 105 companies have failed to
comply with the regulator’s new public
shareholding norms.
The securities regulator has
responded by imposing a range of
sanctions on non-compliant compa-
nies. It has prohibited the promoters,
promoter groups and directors of such
companies from buying, selling or oth-
erwise dealing in the securities of their
companies. It has also ordered the
freezing of promoters’ and promoter
groups’ voting rights and corporate
benefits. Furthermore, the promoters
and directors of non-compliant compa-
nies have been restrained from holding
new positions as a director of any listed
company until they comply with the
public shareholding norms.
Companies affected by the penal-
ties include Essar Ports, Hindustan
Breweries & Bottling, Plethico
Pharmaceuticals, Ras Resorts & and Colleen Laduzinski and associ- India and Deutsche Equities India on
Apart Hotels, Steelco Gujarat, Tata ates Nikhil Naredi, Kevin Khan and the sale.
Teleservices and Videocon Industries. Brandon Morris advised a syndicate Latham & Watkins in Singapore
SEBI says it may take further action of DSP Merrill Lynch, Morgan Stanley, fielded a team including partner Rajiv
on a case-by-case basis against com- Goldman Sachs, Standard Chartered, Gupta and foreign legal consultant
panies that fail to comply. However, the SBI Capital Markets, Axis Capital, Citi, Scott Calver to represent the brokers.
Associated Chambers of Commerce of Deutsche Equities, IDFC and Macquarie In some cases, more extreme meas-
India (Assocham) has called for leni- Capital on the deal. ures have been taken. Indian IT, con-
ency. “While it is true that it has been Amarchand Mangaldas, led by part- sulting and outsourcing group Wipro,
three years since SEBI had asked listed ners Yash Ashar and Gaurav Gupte, for example, has split itself into two
firms to take firm steps to increase acted as counsel to Adani Ports, while companies to comply with the new
public holding, it must also be real- Khaitan & Co partner Nikhilesh Panchal public shareholding rules.
ized that selling stocks in the mar- and executive director Sudhir Bassi The company has demerged its non-IT
ketplace is a function of sentiments were counsel to the placement agents. divisions, including consumer care, light-
or else the promoters would be com- In another quick-fire deal to com- ing, infrastructure engineering and medi-
pelled to offload equity at a distressed ply with the new public shareholding cal diagnostic product divisions, into
price,” Assocham’s secretary general, norms, Oracle Global (Mauritius) sold a separate promoter-controlled entity,
DS Rawat, said in a statement. “This 4.4 million equity shares in Oracle leaving Wipro as a pure IT company.
is particularly true about the small and Financial Services Software (India) at a Amarchand Mangaldas led by
mid-cap companies.” price of `2,275 (US$37.75) per share. Mumbai-based managing partner Cyril
Nevertheless, the new rules have The deal, which was valued at around Shroff along with Bangalore partners
sparked a race for compliance. Adani `1 billion, reduces the Mauritian Arjun Lall and Nivedita Rao advised
Ports and Special Economic Zone, company’s stake in Oracle Financial Wipro on the demerger.
one of the 105 non-compliant com- Services Software (India) to 75%. Wilson Sonsini Goodrich & Rosati
panies named, issued a US$180 mil- Kochhar & Co, led by partner Harry acted as US counsel to the investment
lion institutional private placement of Chawla and associate Akshit Kapoor, banker – JM Financial Institutional
equity shares on 5 June in order to advised Oracle Global (Mauritius) Securities – while SPJ Legal was the
make itself compliant. This diluted the on the sale. Partner Yash Asher and legal counsel in court.
promoter stake, taking the public hold- principal associates Kranti Mohan The demerger has been effective
ing in Adani Ports just over the 25% and Abhimanyu Bhattacharya at since 31 March. The American deposi-
threshold to 25.83%. Amarchand Mangaldas in Mumbai rep- tary receipt issuance is expected to be
Jones Day partners Manoj Bhargava resented the brokers Morgan Stanley complete on 7 June.
June 2013 India Business Law Journal 5
News
subsidiaries in the US, the UK and with tax aspects of the deal. Sharon
cApitAl mArkets
the UAE in addition to the Indian par- Smith and Debbie Barbour, partners
ent company. The issue was jointly in London and Abu Dhabi respec-
Rolta issues
managed by Barclays, Citigroup, DBS tively, also assisted with the security
Bank and Deutsche Bank. structure.
high-yield bonds
DLA Piper designed the security AZB & Partners advised Rolta and
structure of the deal and prepared its guarantors on Indian law mat-
Rolta India has completed a Rule intercompany loan documentation to ters, while Davis Polk & Wardwell
144A/Regulation S high yield bond help implement the debt repayment acted as US counsel to the joint lead
offering after issuing US$200 million aspects of the use of proceeds. The managers.
of 10.75% senior notes in the interna- firm was US counsel to Rolta. The The Mumbai office of Trilegal
tional markets. The notes will be listed team was led by Stephen Peepels, the advised the parties on the Indian law
on the Singapore Stock Exchange. head of DLA Piper’s US capital mar- implications of the New York law-
Rolta India is a technology com- kets practice in Asia. He was assisted governed transaction documents and
pany that provides IT solutions for by associates Timothy Franklyn and the regulatory regime governing guar-
defence and national security, utilities, Clark Chen. antees by an Indian company to an
power, financial services and other Partners Chris Paci and Jason indirect wholly owned subsidiary. The
industries. Harmon provided support in nego- team at Trilegal consisted of partner
The bonds were issued by one tiating the covenant package and Srinivas Parthasarathy, senior associ-
of Rolta’s US subsidiaries, Rolta implementing the security structure, ate Priyanka Kumar and associates
LLC, with guarantees provided by while partner Steve Weerts assisted Gaurav Mukherjee and Anshul Gosavi.
ELP rounds up
not what I am happy with. I am more
people moves
comfortable in being an in-house
new recruits
counsel, and that is where my path
Rao races back
lies,” he added.
Commenting on Rao’s depar-
in-house
ture, Kartik Ganapathy, a partner at Economic Laws Practice (ELP) has
IndusLaw, said: “It was wonderful reconstituted its dispute resolution
Private practice has proved not to when Pramod reached out and said he team with the addition of nine new
be Pramod Rao’s cup of tea. The for- wanted to be a part of IndusLaw. We lawyers.
mer IndusLaw partner has resigned did realize that Pramod remained an The new appointments were made
from the law firm after just over a in-house person at heart, but would to replenish the firm’s litigation wing
year to move back to an in-house try to make the transition. It has been following the departure of 14 lawyers,
role. great working with him, and we hope including partners Sanjay Notani and
In his new position as general coun- that this will continue.” Tarun Gulati, in April.
sel at Citibank, Rao will head a team Rao replaces Sandeep Beri, the Kirat Singh Nagra joins ELP’s Delhi
of around 18 lawyers in Mumbai. former general counsel for South Asia office as a partner after practising with
Previously he had worked as general at Citibank. Beri joined Amarchand Amarchand Mangaldas for more than
counsel of ICICI Bank. He had spent Mangaldas as a lateral partner in its 10 years. Nagra handles commercial
almost 14 years with the bank, of New Delhi office. litigation and arbitration matters and
which he was general counsel for has represented clients in sectors
seven, before joining IndusLaw to set such as telecoms, aerospace and real
up the firm’s Mumbai office. estate. He has appeared before the
Rao said that when he left ICICI, Supreme Court of India, high courts,
many law firms approached him, but regulatory forums and tribunals.
“it was I who approached IndusLaw Tarun Jain joins ELP as a senior
and wanted to be a part of [the firm]”. associate following a six year stint
He said he enjoyed his rapport with at Lakshmikumaran & Sridharan. His
other members of the firm. “I was expertise lies in indirect tax laws,
delighted with the wonderful core primarily in central excise, customs,
team of partners,” he said. “I found foreign trade policy, service tax and
them to be experienced, business value added tax.
focused and supportive. The estab- Also joining the firm are Pranav
lishment of the Mumbai office and Vyas, formerly an associate at Fox
the inclusion of Priyanka [Roy, for- Mandal, Kartik Yadav, who was an
merly of Alliance Legal] as a part- associate with AZB & Partners, and
ner … is testament to the vision of Somnath Shukla, who was an asso-
IndusLaw.” ciate at Vaish Associates. The other
Rao said his colleagues were sup- new hires are Kshitiz Karjee, Prithvi
portive of his decision to move back Kapur, Shankey Agrawal and Avneesh
in-house. “Personally the role of part- Arputham who have all joined ELP as
Pramod Rao
ner at a law firm in private practice is associates.
6 India Business Law Journal June 2013
News
Finsec gains one,
loses two BAnking & finAnce
Canara grants loan to 3B Fibreglass
Mumbai-based finance boutique
Finsec Law Advisors has appointed
Anil Choudhary as a senior associ- The London branch of Canara Bank has provided a €10 million
ate. Choudhary is a New York and (US$13 million) facility to 3B Fibreglass SRPL (Belgium), a member of
India-qualified lawyer specializing in the 3B Binani group of companies. The loan facility was backed by a
transactional work in the securities corporate guarantee extended by Binani Industries India – the holding
market. company of the 3B Binani group. The deal required Reserve Bank of
The Harvard law graduate worked India approval.
at Luthra & Luthra, Nishith Desai Majmudar & Partners advised Canara Bank (London) on the loan.
Associates and Trilegal before joining Partner Prashanth Sabeshan in Bangalore led the Majmudar & Partners’
Finsec. team. TLT was English counsel to the lender and Ashurst represented the
Choudhary has advised large cor- Canara Bank on Belgium and Luxembourg laws.
porate houses and investment banks
on corporate and capital market
transactions including IPOs, cross-
border listings on stock exchanges practice”. He also told India Business had a stint at Finsec, has joined IC
and private equity investments. Law Journal that his firm would be tak- Legal as an associate.
Speaking to India Business Law ing on more new professionals in the “IC Legal came up with a brilliant
Journal, he said his reasons for mov- near future. opportunity and our desire was to
ing to Finsec were “to have a focused Choudhary’s appointment comes move from a proprietary model to
practice area in securities and finan- hot on the heels of two departures a partnership which gives greater
cial laws and to have an opportunity from Finsec. independence and opportunities to
to work with Sandeep [Parekh], one Indrajit Mishra and Tejesh Chitlangi grow,” Chitlangi told India Business
of the leading securities lawyer in this left Finsec in May to join IC Legal. Law Journal.
country”. He added that the firm was Mishra, who was a partner and head IC Legal was set up in 2004 and
“a great place for legal minds inter- of private equity at Finsec, and specializes in real estate, litigation
ested in contributing to the financial Chitlangi, a former senior associate and media law.
and securities law policies of the at the firm, moved to become equity The firm comprises 15 lawyers
country”. partners at IC Legal. including five partners. It aims to
Parekh, the founder of Finsec Law Mishra takes on the role of head of become a full-service law firm with
Advisors, said Choudhary’s appoint- private equity and M&A while Chitlangi the new capabilities in private equity,
ment would strengthen Finsec’s “pres- heads up the firm’s investment funds M&A and investment funds as a result
ence in financial sector transactional practice. Janhavi Seksaria, who also of the hires.
mergers & Acquisitions
McGraw Hill lifts
stake in CRISIL
McGraw Hill Financial has made an
open offer to acquire up to 15,670,372
shares from the public shareholders
of CRISIL, a global analytical com-
pany which provides ratings, research
and risk and policy advisory services.
The share amount equals 22.23%
of the total equity shares outstand-
ing in CRISIL. Full acceptance of the
offer would increase McGraw Hill
Financial’s total stake in CRISIL to
75% from 52.77%.
The parties intend to purchase the
shares at an offer price of `1,210
(US$21.42) per share, making the
total value of the deal approximately
`19 billion.
June 2013 India Business Law Journal 7
News
Singhania & Partners advised
Multiples purchases stake in Milltec
McGraw Hill Asian Holdings, along
with McGraw Hill Financial, S&P India
and Standard & Poor’s International,
on the voluntary open offer under Mumbai investment company Multiples Alternate Asset Management
the Securities and Exchange Board has acquired a 50% stake in Milltec Industries (Bangalore), a manu-
of India’s takeover regulations. The facturer of agricultural equipment. The deal, valued at US$43 million,
team was led by the firm’s senior was conducted through a secondary investment by Multiples in Milltec
partner Ravi Singhania and partner Machinery and an acquisition of a 100% stake by Milltec Machinery in
Manish Kumar Sharma and was sup- Milltec Industries (Bangalore) and Milltec Outsourcing.
ported by senior associate Shradha Khaitan & Co Bangalore partner Ganesh Prasad advised Multiples.
Dubey and associate Medha Shah. J Sagar Associates represented the Milltec Group and the continuing
Khaitan & Co advised Morgan shareholders throughout the transaction. The team comprised partners
Stanley India as the manager to the Sajai Singh and Gerald Manoharan, senior associate Prashant Kumar
issue. The team included partner and associate Roy George.
Arindam Ghosh and executive direc- Dua Associates was counsel to the selling shareholders on the deal.
tor Sudhir Bassi.
Victor Reinz
acquires licence
S&R Associates has advised US
vehicle parts manufacturer Dana
Holding Corporation on an agreement
to license its heat exchange technol-
ogy to Victor Reinz India. Victor Reinz
is Dana’s joint venture in India with the
Jayant Group.
Victor Reinz India, which has been
producing gaskets and heat shields
for automotive customers in India
since 2009, will now produce engine,
transmission and power steering oil
and fuel coolers.
Dwayne Matthews, the president of
Dana Power Technologies, said the
agreement was “the next logical step
to meet the rising demand for high-
quality thermal solutions in India.”
The deal is subject to customary
closing conditions and expected to be
complete within two months.
The S&R Associates’ team that
worked on the deal consisted of part-
ners Rajat Sethi and Juhi Singh and
associates Radhika Iyer and Radhika
Agrawal.
billion in a gas project in Rovuma He was assisted by associates Avichal
Mozambique
Area 1 Offshore Block in Mozambique. Prasad and Tarana Khan. The Hong
OVL and OIL will make the acquisition Kong office of Simmons & Simmons
draws OIL and OVL
through a newly formed entity in which was the international counsel to the
OVL will own 60% and OIL will hold two companies.
Oil India (OIL) and ONGC Videsh 40%. Shardul Shroff, the Delhi managing
(OVL) have signed definitive agree- Kochhar & Co’s Delhi office, led partner of Amarchand Mangaldas, led
ments with Videocon Mauritius Energy by partner Ngangon Junior Luwang, a team that acted for Videocon. He was
to acquire 100% of the shares of represented OIL and OVL as Indian supported by partners Vidyut Gulati,
Videocon Mozambique Rovuma 1. counsel on the deal, advising on the Nikhil Narayanan and Puja Sondhi,
Videocon Mozambique holds a 10% transactional documents, litigation, principal associate-designate Ramanuj
participating interest worth US$2.475 taxation and general corporate issues. Gopalan and associate Neha Yadav.
8 India Business Law Journal June 2013