Cyril Amarchand Mangaldas advised Larsen & Toubro Limited (L&T) on the proposed scheme of arrangement amongst L&T and L&T Realty Properties Limited (LTRPL) and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013.

The Scheme provides for, inter alia, (a) the transfer of the realty undertaking of L&T to LTRPL as a going concern, on a slump sale basis and in consideration, inter alia, the issuance of equity shares of LTRPL to L&T; and (b) reorganisation of the share capital of LTRPL. 

The transaction team advising L&T was led by L. Viswanathan, Senior Partner, Sudhir Kapadia, Senior Advisor; Bhargav Joshi, Partner, with assistance from Saumya Sharma, Associate; Ayushi Agarwal, Associate; and Arushi Kankariya, Associate. 

Indranil Deshmukh, Partner (Head - Disputes);  with assistance from Tapan Deshpande, Director - Corporate Litigation; and Aekaanth Nair, Senior Associate; advised on disputes aspects of the transaction. 

Ashish Jain, Partner;  Edward James, Partner;  Rishiraj Bhatt, Partner; Abhilash Pillai, Partner; Siddharth Singh, Partner; with assistance from Kripa Sankari, Principal Associate; Shorya Choudhary, Principal Associate; Siddharth Iyer, Principal Associate; Pavithra Rao, Senior Associate; Nikita D'silva, Consultant; Kinnari Jain, SA – Designate; Vedantha Sai, Senior Associate; Mansi Sethiya, Associate; Januja Gathraj, Associate; Utkarsh Tyagi, Associate; Shruthi P, Associate;  and Vaishnavi Joshi, Associate;  advised on real estate aspects of the transaction. 

Ankita Ray, Partner;  with assistance from Faiza Khan, Principal Associate; and Mayank Jain, Associate; advised on employment aspects of the transaction.

Kaustav Kundu, Partner; with assistance from Rajat Sharma, Senior Associate; and Vrinda Gundam, Associate; advised on competition law aspects of the transaction.

Devaki Mankad, Partner (Regional Co-Head - Capital Markets - West); Manan Lahoty, Partner - (Head - Capital Markets); with assistance from Hitesh Nagpal, Associate; advised on capital markets aspects of the transaction. 

This transaction marks the beginning of a phased consolidation of all real estate assets and undertakings of L&T and vest them in LTRPL, creating a unified, future-ready entity capable of capitalising on India’s real estate growth.

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