AIM-listed Infrastructure India Plc (IIP) has raised £33 million (Rs. 240 crore) and has acquired two companies that were initially backed by Guggenheim Global Infrastructure (GGIC)..IIP has acquired a 99.99 percent stake in India-based Vikram Logistic and Maritime Services Private Limited (VLMS) and 50 percent stake in India Hydropower Development Company (IHDC). The deal, which will result in a reverse takeover and re-admission to AIM by IIP was valued at $300 million..Amarchand & Mangaldas acted as the Indian legal counsel to IIP with a team led by Partner Vandana Shroff along with Associate Gurpreet Ashar. London based Nabarro advised IIP on the english law aspects and was led by Partner Alasdair Steele..Alasdair Steele said, “the transaction has allowed us to combine our M&A and equity capital markets expertise with our knowledge of the Indian system to help Infrastructure India agree this transformational deal.”.MMB Legal acted as the Indian legal counsel to GGIC (sellors) with a team comprising of Mahesh Madan Bhat, Talha Salaria and Ryan Locke..Speaking with Bar & Bench, Mahesh Madan Bhat of MMB Legal said, “Transportation & Logistics is one of our niche practice areas and that sector has tremendous potential in future – especially given the fact that the road, rail and air network in India is now on par with international standards and the Government is providing the necessary support and incentives. Further, the industry itself is seeing a lot of activity in terms of investment and consolidation in areas such as 3PL, Warehousing, Trucking etc.”..UK Law firm Taylor Wessing advised GGIC on English law with a team led by Head of the Financial Institutions and Markets group Tim Stocks. The Taylor Wessing team also included Senior Associates Edward Hooper and Fade Solanke-Mitterer and Associates Kate Jenkins and Leah Carson..Tim Stocks, who led the Taylor Wessing team advising GGIC, said, “We are delighted at the announcement of this complicated transaction, which the firm both initiated and led”..Tandeep Minhas, Partner in the Financial Institutions and Markets group, said, “This successful deal is the latest positive sign of the continuing trend for Indian companies to look towards London as a listing venue to raise monies for investment. This deal bears out the firm’s strategic decision to focus on India and London IPOs and looking forward the pipeline of deals continues to be strong”. .VLMS was advised by their in-house counsels..According to VCCircle, Infrastructure India Plc will acquire two infrastructure assets in India where Guggenheim has investments through a mix of cash-cum-stock deal. Approximately 37.39 percent of VLMS will be acquired from a wholly owned subsidiary of Global Infrastructure Co Limited (GGIC) which, in turn, is an affiliate of Guggenheim Partners. The remaining stake will be purchased from Anuradha Holdings Private Limited, a company owned and controlled by Vikram Viswanath who has been associated with VLMS since its inception.
