Veritas Legal and ELP Advise on Inorbit Malls' ₹1,242 crore acquisition of Prozone Realty malls

Inorbit Malls (India) Private Limited is acquiring a 100% stake in Kruti Realtors and Developers Private Limited, Alliance Mall Developers Co. Private Limited and Empire Malls Private Limited from Prozone Realty Limited, at a valuation of ₹1,242.50 crore, to be adjusted for other assets and liabilities as per mutual agreement at completion

Veritas Legal is advising Inorbit Malls on this acquisition. The Firm advised on due diligence, structuring, negotiation and drafting of the transaction documents.

The transaction team was led by Rustam Mulla (Senior Partner) and Sneha Nagvekar (Partner), with support from Parshva Doshi (Principal Associate), Aryan Mehta (Associate) and Ishan Mhapsekar (Associate).

Naznin Fakih (Counsel), Ashwin Mehta (Principal Associate) and Clarissa D’Lima (Associate) advised on Real Estate aspects.

Akriti Gupta (Senior Associate), Associates Aryan Mehta, Afrrin Advani, Vidhi Basrani and Ishan Mhapsekar conducted due diligence.

Abhijit Joshi (Founding and Manging Partner) and Kunal Doshi (Senior Partner)  provided their strategic inputs and overall guidance on the deal.

Economic Laws Practice is advising Prozone Realty and its material subsidiaries on this transaction. The Firm advised across the full transaction lifecycle, encompassing transaction structuring, drafting and negotiation of the share purchase agreement and ancillary documentation, real estate advisory and transfer documentation, listed company disclosures under the SEBI LODR Regulations, and ongoing support through to completion.

The transaction is led by Suhail Nathani (Managing Partner) and Manendra Singh (Partner), with support from Tanvi Goyal (Associate Partner), Smriti Tripathi (Principal Associate), Ambareen Khatri (Senior Associate) and Hetvi Parikh (Associate).

Anshuman Jagtap (Partner), with support from Preksha Kanungo (Principal Associate) and Akshaan Kanuga (Senior Associate), advised on real estate aspects.

Dipesh Jain (Partner), Sumeet Agarwal (Associate Partner), and Saiyam Jain (Associate), advised on tax law aspects.

This acquisition follows a major strategic consolidation of equity stakes by Prozone, wherein Alliance and Empire where brought under Kruti, a wholly owned subsidiary of Prozone. ELP had advised Prozone on the consolidation.

Alliance owns and operates a shopping mall covering 500,000 square feet of retail space in Coimbatore (“Coimbatore Mall”).

Empire owns and operates a shopping mall covering 600,000 square feet of retail space in Chhatrapati Sambhajinagar (formerly known as Aurangabad) (“Aurangabad Mall”).

Kruti is a wholly owned subsidiary of Prozone Realty Limited that owns shares in Alliance and Empire.

The acquisition of the Mall Assets will add approximately to 1.1 million square feet in the Inorbit Malls’ portfolio, which operates multiple malls with over 3 million square feet spread across Mumbai, Hubballi, Vadodara, Visakhapatnam and Hyderabad.

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