Khaitan, CMS Adonnino act on acquisition of T.I.S Services by Electrosteel Castings

Electrosteel Castings Ltd., an Indian listed company, has acquired 100% share capital and voting rights of T.I.S Services S.p.A, a company based in Italy, along with its four subsidiaries spread across Europe i.e., in Italy, Poland, Turkey and Croatia from TIS Group S.p.A.

The transaction also included lease and subsequent acquisition by T.I.S Services of a real estate facility located in Bolgare, Italy from TIS Group, post-closing.

Khaitan & Co advised Electrosteel Castings on this cross-border acquisition.

The transaction team consisted of Prithwijit Gangopadhyay (Partner), Riya Dutta (Principal Associate), Supallab Chakraborty (Senior Associate and Karishma Sethia (Senior Associate).

CMS Adonnino Ascoli & Cavasola Scamoni, led by Matteo Ciminelli from Italy, along with other CMS attorneys in Italy, Poland, Turkey and Croatia guided on Italian law aspects and other Iocal European regulations.

T.I.S Services is engaged in the business of manufacturing and selling water valves for large water systems. The acquisition is set to expand Electrosteel’s existing presence in Europe and bring increased strategic and operational efficiency in its DI pipes and fittings business in the domestic and export markets.

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