MUMBAI and NEW DELHI, April 22, 2019 /PRNewswire/ --
Cyril Amarchand Mangaldas advised Adani Logistics Limited (Adani Logistics) on acquisition of stake held by True North and its affiliates in Innovative B2B Logistics Solutions Private Limited (InLog). Gurgaon-based InLog provides integrated logistics services for domestic cargo movement and operates 14 container rakes, a logistics park in Kanech, Punjab and 3566 containers. With this acquisition, Adani Logistics will become the largest private rail and logistics operator in India.
The Corporate (M&A, Private Equity), and Dispute Resolution Teams of Cyril Amarchand Mangaldas advised on the drafting, reviewing, negotiating and finalising certain aspects of the share purchase agreement and guarantee from the fund manager of True North, and in relation to indemnity obligations of True North under the share purchase agreement and other transaction documents.
The Transaction team was led by Paridhi Adani, Principal Associate; with support from Prashant Bakhru, Associate.
The Funds team led by Shagoofa Rashid Khan, Partner; with support from Esha Harkisandas, Principal Associate; and Rini Mitra, Senior Associate; advised on certain guarantee and indemnity related documents.
The Litigation team was led by Gauri Rasgotra, Partner & Deputy Head - Delhi; with support from George Varghese, Senior Associate . The team advised on certain ongoing proceedings between Adani Logistics and Central Warehousing Corporation.
As a part of the Transaction, Adani Logistics acquired 97.03% shareholding of True North and its affiliates in InLog at an enterprise value of INR 331 crores, including the cost of acquisition of equity shares of True North for INR 43.20 crores approximately. The balance shareholding of 2.97% held by the other minority shareholders will be acquired within 60 days from the date of closing of the Transaction.
The date of signing of the Transaction was March 28, 2019; and it is expected to close by April 2019.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 100 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 650 lawyers including over 100 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was awarded the flagship country award as being the 'Most Innovative National Law Firm of the Year - India for 2018' at the IFLR Asia Awards, 2018, having also been successful in winning the prestigious & coveted 'National Law Firm of the Year, 2018 for India' at the Chambers Asia-Pacific Awards, 2018. The firm was also voted as the 'Employer of Choice for 2018' from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.
Cyril Amarchand Mangaldas