The shareholders of Citizen Industries, Kamalesh Mehta and Praful Patel, and their respective family members have sold their 100% shareholding to Daikin Airconditioning India for INR 125 Crores.
Additionally, their manufacturing facility situated in Bengaluru owned by Kamalesh Mehta has also been sold to Daikin as a part of the transaction.
DSK Legal acted for Citizen Industries and the team was led by Partner Hemang Parekh, along with Principal Associate Jayesh Kothari and Associate Supallab Chakraborty.
Pallavi Joshi and Siddharth Shah assisted in drafting the sale deed and property-related documents for sale of factory premises situated in Bengaluru.
Daikin was represented by Pioneer Legal (legal advisors) and KPMG (financial advisors).