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Avantha Group has sold its entire 34.3 per cent stake in the consumer products business of engineering firm Crompton Greaves to a special purpose vehicle (SPV) created by Advent and Temasek for 2,000 crore ($316 million).
Amarchand Mangaldas Delhi acted for Avantha Group with a team led by Managing Partner Shardul Shroff and Partner Gunjan Shah along with Principal Associate Shruti Kanodia and Associate Divya Sharma.
The Competition team of Amarchand included Partners Shweta Shroff and Naval Chopra, Principal Associate Aparna Mehra and Senior Associate Rohan Arora.
J. Sagar Associates acted for Advent with a team led by Partners Somasekhar Sundaresan, Farhad Sorabjee, Amitabh Kumar, Vikram Raghani, Manisha Kumar and Gautam Gandotra along with Senior Associates Neha Varma and Bir Bahadur Sachar and Associates Upamanyu Talukdar, Sujay Athani. The JSA Banking & Finance team included Partners Aashit Shah and Anish Mashruwala along Senior Associate Utsav Johri and Associate Nikhil Bahl. On Competition Law aspect, Partners Farhad Sorabjee and Amitabh Kumar along with Senior Associate Reeti Choudhary and Associates Aparajita Srivastava, Ela Bali and Priyam Singh advised.
Khaitan & Co acted for Temasek and the team included Partner Haigreve Khaitan and Associate Partner Ashwin Bishnoi. The team was also supported by Partners Aakash Choubey and Niren Patel.
Partner Avaantika Kakkar advised on the Competition Law aspect while Partner Arindam Ghosh assisted on Securities Laws. Executive Director Daksha Baxi assisted on tax issues and Partner Adheesh Nargolkar advised on the Intellectual Property aspect.
Advent is the lead investor in the SPV. Advent and Temasek would now make a joint open offer to buy additional shares of Crompton Greaves Consumer, reports VCCircle.