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DSK Legal Advises on Series B Funding Round of INR 390 crores for Sahyadri Farms Post Harvest Care Limited

DSK Legal provided legal assistance and advisory services to Sahyadri Farms Post Harvest Care Limited (SFPHCL), Sahyadri Farmers Producer Company Limited (SFPCL), and Mr. Vilas Shinde (the Promoter) during their Series B funding round.

Sahyadri Farms Post Harvest Care Limited, a leading horticulture platform based in Nashik, has secured ₹390 crore in growth capital. The funding comes from responsAbility, a Europe-based private equity firm, and GEF Capital Partners, a private equity firm from the US. Existing investors, such as FMO, Proparco, Incofin, and Korys, also joined the funding round.

The legal team at DSK Legal facilitated and advised on all aspects of this investment transaction, ensuring the smooth execution of the Series B funding process.

DSK Legal Team: The legal team representing SFPHCL, SFPCL, and the Promoter included:

  • Ms. Prachi Gupta (Associate Partner)
  • Ms. Aishwarya Malik (Principal Associate)
  • Mr. Aseem Mittal (Associate)
  • Ms. Aniketa Rohila (Associate)
  • Ms. Vidisha Bajaj (Associate)

Strategic inputs were provided by Mr. Niraj Kumar (Partner) as well.

Even Healthcare Raises $30 Million in Series A Funding

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Khaitan and Co Advises JSW Energy on Acquisition of O2 Power for ₹12,468 Crore

JSW Energy Ltd. has been advised by Khaitan & Co. on its acquisition of O2 Power SG and its subsidiaries in India, which were jointly established by EQT Infrastructure and Temasek.

The total consideration for the acquisition amounts to USD 1.47 billion (₹12,468 crore). This transaction is one of the largest in the renewable energy sector and marks the largest acquisition for JSW Energy to date.

The acquisition includes the purchase of O2 Power Midco Holdings and O2 Energy SG. JSW Energy will acquire 4.7 gigawatts (GW) of renewable energy assets, which will increase its total generation capacity by 23%, from 20.02 GW to 24.71 GW.

JSW Energy’s wholly owned subsidiary, JSW Neo Energy, signed a definitive agreement for the deal on Friday, and the acquisition is subject to regulatory approvals, including clearance from the Competition Commission of India (CCI) and other customary approvals for transactions of this scale.

Khaitan & Co. Team: The core legal team advising JSW Energy on the acquisition included:

  • Haigreve Khaitan
  • Siddharth Shah
  • Akhil Bhatnagar
  • Purti Minawala
  • Vivek Mimani
  • Aman Anand
  • Bhagirath Ashiya
  • Palak Mohta
  • Shefali Prasad

Support was provided by:

  • Moin Ladha (Regulatory)
  • Divya Chaturvedi (Due Diligence)
  • Sudheer Madamaiah (Real Estate)
  • Anisha Chand and Anshuman Sakle (Competition)

Even Healthcare Raises $30 Million in Series A Funding

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Even Healthcare Raises $30 Million in Series A Funding

Khaitan & Co Advises Khosla Ventures and 8VC on Investment to Support Expansion of Healthcare Services

Even Healthcare Private Limited has successfully raised $30 million in a Series A funding round, led by Khosla Ventures, with additional participation from 8VC, Founders Fund, Lachy Groom, and other investors.

This latest round brings the company’s total funding to $50 million.

Khaitan & Co acted as legal advisor to lead investors Khosla Ventures and 8VC in this transaction. The legal team was led by Partner Sharad Moudgal, with support from Counsel Hardik Bhatia, Senior Associate Shreyas Bapat, and Associates Aditya Arunkumar and Insaf Ahamad T K.

Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare provides its members with free consultations, diagnostic tests, and cashless hospitalizations through an in-house clinical team, a network of clinics, and insurance partnerships. The company has rapidly grown its membership base to hundreds of thousands, generating $28 million in revenue within just 1.5 years of operation.

The newly raised funds will be used to launch hospital operations and scale the company’s patient care services. Even Healthcare plans to open three secondary-care hospitals in Bengaluru, implementing a “payvider” model that combines risk profiling, managed care, and inpatient services to enhance its healthcare offerings.

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Mindgrove Technologies Secures $8 Million in Series A Funding

GameChanger Law, Nishith Desai, IndusLaw, and Tatva Legal Advise on Investment Round Led by Speciale Invest and Rocketship.vc

Mindgrove Technologies, a semiconductor startup founded in 2023 in Chennai by Shashwath T R and Sharan Srinivas J, has raised $8 million in its Series A funding round.

The round was co-led by Speciale Invest and Rocketship.vc, with additional participation from Peak XV Partners and Mela Ventures.

GameChanger Law Advisors represented Speciale Invest, assisting with the review and negotiation of transaction documents. The firm’s team included Senior Partner Samheeta Rao and Associate Janhavi Kukreja. Nishith Desai Associates advised Rocketship.vc, while IndusLaw supported Peak XV Partners and Tatva Legal represented Mela Ventures.

Mindgrove Technologies specializes in developing high-performance microprocessors based on the open-source RISC-V architecture. The company’s System-on-Chip (SoC) solutions are designed for a variety of smart devices, including smartwatches, CCTV cameras, smart locks, and power meters. The $8 million funding will support the commercial launch of Mindgrove’s first microcontroller chip, “Secure IoT,” which is expected to hit the market by mid-2025.

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Empower India Fund Invests in IdentityPlus with Legal Support from JCSS Law

JCSS Law Advises Empower India Fund on Strategic Investment in Cyber Security Firm IdentityPlus

JCSS Law has advised Empower India Fund (EIF) on its investment in IdentityPlus Private Limited, a company specializing in Cyber Security Solutions, specifically in the area of Identity and Access Management (IAM).

The JCSS Law team, led by Partner Radhika Subhash, was supported by Senior Associate Rohit Alex Abraham, Associate Anmol Deshmukh, and Associate Papiha Ghoshal.

IdentityPlus focuses on providing advanced cyber security solutions for managing digital identities and access controls. EIF, a venture capital fund managed by Canbank Venture Capital Fund Ltd, seeks to generate long-term capital appreciation and superior risk-adjusted returns for its investors.

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IndiaRF Acquires Controlling Stake in Anthea Aromatics for ₹1,000 Crore

Trilegal and JSA Advise on Strategic Acquisition to Boost Anthea Aromatics’ Growth and Expansion

India Resurgence Fund (IndiaRF) has acquired a controlling stake in Anthea Aromatics Private Limited, one of India’s oldest and leading aroma chemicals companies, for up to ₹1,000 crore.

This strategic investment is aimed at supporting Anthea’s growth initiatives, including strengthening its manufacturing capabilities, expanding its product range, and exploring new market opportunities.

Trilegal advised IndiaRF on the transaction, with their corporate, banking and finance, employment, environmental compliance, real estate, and technology teams contributing expertise across various aspects of the deal. The Trilegal team was led by Partner Harsh Jain, with key contributions from Counsels Prarthna Baranwal and Anamika Ray, among others.

JSA Advocates & Solicitors advised Anthea Group and its existing shareholders, including ICICI Ventures and the Menacherry family, with Tirthankar Datta leading the team. JSA’s support covered corporate, employment, and other legal considerations for the transaction.

Established in 1992, Anthea Aromatics operates five manufacturing facilities across Maharashtra and Karnataka and is poised to accelerate its expansion with this significant infusion of capital. The acquisition will enable Anthea to enhance its product portfolio and expand its presence in the global market.

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JSA Secures Unconditional Approval from CCI for UltraTech Cement’s Acquisition of Controlling Stake in India Cements

JSA Successfully Advises UltraTech Cement on Landmark Merger Filing Under New Regime

JSA (J. Sagar Associates) has represented UltraTech Cement Limited in obtaining an unconditional approval from the Competition Commission of India (CCI) for its proposed acquisition of a controlling stake in The India Cements Limited.

JSA acted as the sole legal advisor to UltraTech in securing this approval, marking a significant achievement in the merger and acquisition landscape.

The proposed acquisition involves two key components:

  1. 32.72% of the paid-up equity share capital of India Cements from the promoters and members of the promoter group, along with another shareholder, Sri Saradha Logistics Private Limited.
  2. Up to 26% of the paid-up equity share capital of India Cements through a public open offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

This acquisition forms part of UltraTech’s strategic initiative to expand its footprint in the highly fragmented and competitive Southern cement market, particularly in Tamil Nadu, where UltraTech has a relatively limited presence.

This approval marks a milestone in India’s competition law framework, being the first instance of an unconditional CCI approval following the issuance of a show cause notice under the amended merger control regime.

On 20 December 2024, the CCI granted approval to the acquisition, which was the first long-form (Form II) merger notification filed under the newly implemented merger control regime that came into force on 10 September 2024. The CCI’s approval was granted in just 25 days, showcasing the efficiency of the new process.

JSA’s team working on this significant matter included:

  • Nisha Kaur Uberoi, Partner & Chair – Competition Practice
  • Pranav Satyam, Partner
  • Shambhvi Sinha, Principal Associate
  • Anand Sree, Principal Associate
  • Shivangi Chawla, Senior Associate
  • Samriddha Gooptu, Senior Associate
  • Kamal Sharma, Senior Associate
  • Rishi Kauntia, Associate
  • Pramothesh Mukherjee, Associate
  • Keerthana Kesavan, Associate
  • Vasudha Verma, Associate
  • Aditya Prakash, Associate
  • Naman Katyal, Associate
  • Meghaa G, Associate
  • Ashmeka K, Associate
  • Cherian Chacko Manayath, Associate
  • Tarun Katariya, Associate

Other advisors supporting the transaction included Dr. R.K.S. (Shyam) Khemani along with Nexdigm.

Anagram Partners Advises Mahanagar Gas on ₹2.3 Billion Joint Venture with International Battery Company

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Anagram Partners Advises Mahanagar Gas on ₹2.3 Billion Joint Venture with International Battery Company

Strategic Partnership Aims to Set Up India’s First Giga Factory for Prismatic Lithium-Ion Cells

Anagram Partners has successfully advised Mahanagar Gas Limited (MGL) on its ₹2.3 billion strategic partnership with International Battery Company, Inc. (IBC) to establish one of India’s first giga factories for manufacturing prismatic lithium-ion cells.

The joint venture will be formed under International Battery Company India Private Limited, a subsidiary of IBC US, with MGL taking a 40% stake in the venture.

The transaction, led by partners Faraz Khan and Rajesh Simhan, alongside associates Afaan Arshad, Rachana Rautray, and Shikha Tripathi, is poised to boost India’s mobility and battery storage sectors by producing prismatic NMC (Nickel Manganese Cobalt) lithium-ion cells. These cells will support MGL’s strategy to diversify its energy portfolio, enhance renewable energy capabilities, and reduce dependence on imported battery technology.

IBC US will contribute its advanced technology and certifications, including UN 38.3, BIS, and AIS, for the prismatic NMC cells. Mahanagar Gas, one of India’s leading natural gas distribution companies, aims to strengthen its position in the renewable energy sector through this strategic initiative.

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JSA Advises on Merger of SNVK Hospitality and Travel Food Services Limited

JSA Advocates and Solicitors has successfully advised on the merger of SNVK Hospitality and Management Private Limited with Travel Food Services Limited (TFS), following a National Company Law Tribunal (NCLT) Mumbai order.

Press Release

The merger, which aligns with TFS’s growth strategy, was executed with the guidance of JSA, representing the Kapur Family Trust, the promoter entity behind both companies, as well as SNVK Hospitality.

The advisory team at JSA, led by Iqbal Khan (Lead Partner), with partners Tanavi Mohanty and senior associate Megha Diddi, along with associates Subham Biswal and Ishaan Kulshrestha.

Before finalizing the merger, JSA also assisted in the divestment of SNVK’s investments in four entities both within and outside India to other group companies. Additionally, JSA facilitated the negotiation and finalization of the implementation agreement between the Kapur Family Trust, SNVK, and its non-resident joint venture partner in TFS to ensure smooth execution.

The NCLT order passed on July 1, 2024, highlighted that the merger is in line with TFS’s expansion plans, as both companies are part of the same promoter group. Travel Food Services is a leading player in India’s travel and retail food and beverage (F&B) sector, with a diverse portfolio of outlets at airports, railway stations, and highways.

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Cyril Amarchand Mangaldas Advises Aster DM Healthcare in Landmark $5.08 Billion Merger

Cyril Amarchand Mangaldas acted as legal counsel for Aster DM Healthcare in its merger with Quality Care India Limited, forming one of India’s top three hospital chains valued at approximately $5.08 billion.

Anand Jayachandran and Sonakshi Arora led the transaction, supported by various teams handling due diligence across corporate, competition law, financing, regulatory, intellectual property, employment, and litigation matters.

This landmark deal is the largest in India’s hospital sector, showcasing a comprehensive collaboration of legal expertise across multiple domains.

Core Transaction: Anand Jayachandran and Sonakshi Arora, supported by Sheetal S, Rohit Maheshwary, Hina Tolani, and Ayushi Mehta.

Competition Law: Avaantika Kakkar, Dhruv R., Aman Baroka, Ananya Mahant, Vanya Agarwal, Vrinda Gundam, and Pushkar Singh.

Corporate Due Diligence: Aditya Prasad, Abhilasha Malpani, and Utkarsh Jhingan.

Corporate Matters: Kritika Dobhal, Disha Tulsyan, Vishwa Patel, Neerali Nanda, Digvijay S, and Tannvi R.

Financing: Tanvi Apte and Poorva Bhatia.

Regulatory: Ashwin Sapra, Kartik Jain, Anant Mishra, and Kartik Agarwal.

Real Estate: Abhilash Pillai, Ritha Ulbyre, Siddhant S, Yashvi Shah, Yash Jain, Madhurashree Rajkumar, Shivani Subbaiah, and Akshaya BS.

IP & IT: Arun Sadhanand Prabhu, Arpita Sengupta, Soumya Tiwari, Diksha Joshi, and Himanshi Mahajan.

Employment: Bishen Jeswant, Krithika Radhakrishnan, Kunal Sharma, and Kriti Singh.

Litigation: Edward James and Aashish Dafaria.

ESOP Matters: Sindhushri Badarinath, Rudra Tripathi, Mayank Jain, and Aarav Prasad.

This diverse collaboration highlights the firm’s multi-specialty expertise in handling large-scale, complex transactions.

Aster DM Healthcare is a prominent healthcare provider headquartered in the UAE, with a significant presence in India and other Gulf Cooperation Council (GCC) countries. Established in 1987, it operates a diverse network of hospitals, clinics, and pharmacies under brands like Aster, Medcare, and Access. The organization focuses on delivering world-class healthcare services and has expanded to over 25 hospitals and 100+ clinics globally. Aster DM is committed to innovative healthcare solutions and patient-centric care, making it a leader in the healthcare sector.

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