France-based Saint Gobain, a global leader in construction, building materials and glass has acquired ductile iron pipes business of Ahmedabad-based Electrotherm (India) for Rs. 950 crores ($ 180 million)..Desai & Diwanji advised Electrotherm with a team led by Partner Monika Deshmukh and Associate Partner Natasha Treasurywala..J. Sagar Associates advised its long-standing client Saint Gobain with a team led by Partner Sandeep Mehta along with Senior Associate Rajesh Pal..According to Livemint, Electrotherm has executed binding agreements pursuant to which Saint-Gobain will acquire 100 percent stake in Electrotherm’s ductile iron pipes business for Rs.950 crore plus the value of working capital at closing. The transaction will enable Electrotherm to focus on its core businesses of Engineering and Steel and also to reduce debt.The French company has a presence in 64 countries and employs nearly 190,000 people. The deal is subject to antitrust clearance in India..Electrotherm, which achieved sales of over Rs.2,300 crore in 2010-11, is India’s largest manufacturer of induction melting furnace and refining equipment..ICICI Venture holds 11.9 per cent in Electrotherm as of September 30, 2011. The PE firm had invested Rs. 82 crore in Electrotherm in March 2007, but the value of its holding has shrunk to just Rs 19.6 crore, reports VCCircle..This year, Saint-Gobain Glass India Limited had also acquired the float glass business of Mumbai-based Sezal Glass Limited by way of slump sale for Rs. 686 crore ($ 153 million)..JSA advised Saint-Gobain while Sezal Glass was advised by Rajani Associates.
France-based Saint Gobain, a global leader in construction, building materials and glass has acquired ductile iron pipes business of Ahmedabad-based Electrotherm (India) for Rs. 950 crores ($ 180 million)..Desai & Diwanji advised Electrotherm with a team led by Partner Monika Deshmukh and Associate Partner Natasha Treasurywala..J. Sagar Associates advised its long-standing client Saint Gobain with a team led by Partner Sandeep Mehta along with Senior Associate Rajesh Pal..According to Livemint, Electrotherm has executed binding agreements pursuant to which Saint-Gobain will acquire 100 percent stake in Electrotherm’s ductile iron pipes business for Rs.950 crore plus the value of working capital at closing. The transaction will enable Electrotherm to focus on its core businesses of Engineering and Steel and also to reduce debt.The French company has a presence in 64 countries and employs nearly 190,000 people. The deal is subject to antitrust clearance in India..Electrotherm, which achieved sales of over Rs.2,300 crore in 2010-11, is India’s largest manufacturer of induction melting furnace and refining equipment..ICICI Venture holds 11.9 per cent in Electrotherm as of September 30, 2011. The PE firm had invested Rs. 82 crore in Electrotherm in March 2007, but the value of its holding has shrunk to just Rs 19.6 crore, reports VCCircle..This year, Saint-Gobain Glass India Limited had also acquired the float glass business of Mumbai-based Sezal Glass Limited by way of slump sale for Rs. 686 crore ($ 153 million)..JSA advised Saint-Gobain while Sezal Glass was advised by Rajani Associates.