Kokuyo Co. Ltd. (Japan), a leading office furniture and stationery manufacturer, has completed its acquisition of 100% of the equity interest of HNI Office India Limited (“Company”), the Indian step-down subsidiary of HNI Corporation (US).
Cyril Amarchand Mangaldas (CAM) acted as Indian law advisor to Kokuyo Co. Ltd., and advised on the acquisition from an Indian legal and regulatory standpoint, in addition to undertaking a legal due diligence on the Company, drafting and reviewing documentation, and advising on corporate, financing, employment, real estate and intellectual property aspects.
The transaction was led by Aditi Manchanda, Partner; and Siddharth K. Vedula, Partner; with support from Kabeer Jay, Associate; Kaushik Raichura, Associate; Bhavya Arya, Associate; and Naomi Manoj, Associate.
Pranay Chandran, Partner; with support from Shrishti Singh, Senior Associate; and Pranav Sharma, Associate; assisted in the general corporate aspects of the transaction.
Swati Sharma, Partner (Head - Intellectual Property); with support from Rohin Koolwal, Principal Associate; Sandeep Pandey, Principal Associate; Andri Shukla, Senior Associate; and Waleed Latoo, Associate; assisted in the intellectual property law aspects of the transaction.
Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Siddhi Kochar, Senior Associate; and Tara Thakur, Associate; assisted in the employment law aspects of the transaction.
Jian Johnson, Partner; assisted in the banking, corporate & structured finance aspects of the transaction.
Jinal Mehta, Partner; with support from Yashvi Shah, Senior Associate; Neha Shah, Senior Associate; and Anjali Kadam, Associate; assisted in the real estate law aspects of the transaction.
Dhruv Rajain, Partner; with support from Ananya Mahant, Senior Associate; and Rasmani Raghuwanshi, Associate; assisted in the competition law aspects of the transaction.
HNI India operates a 350,000 sq. ft. manufacturing facility in Nagpur and reported revenues exceeding ₹200 crore as of March 2025 . The acquisition enables Kokuyo to leverage HNI India's local manufacturing capabilities and customer base to expand its footprint in India and neighboring Asian markets.
Kokuyo plans to triple its office furniture business in India over the next five years, targeting revenues of $100 million (approximately ₹850 crore) by 2030. The company also aims to transform India into an export hub, capitalizing on the country's skilled workforce and growing demand for flexible and hybrid workspaces
Kokuyo Co., Ltd., established in 1905 and headquartered in Osaka, Japan, is a leading manufacturer of stationery and office furniture. The company operates through three main segments: Stationery, Furniture, and Mail-order & Retail. Its Stationery segment produces items like notebooks, pens, and office supplies; the Furniture segment focuses on office furniture and space design; and the Mail-order & Retail segment handles the sale of interiors and household goods.
If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.