Khaitan & Co advises Hindustan Composites on ₹370 crore sale of its friction business

Khaitan & Co advised Hindustan Composites Ltd on the sale of its friction business by way of slump sale to Rane (Madras) Limited for a total consideration of ₹370 crore. 

The core transaction team consisted of Kapish Mandhyan (Partner), Tanya Singh Shah (Principal Associate), Deep Shah (Principal Associate) and Arushi Dokania (Associate). The following provided assistance:

Litigation aspects: Chakrapani Misra (Partner) and Pranali Ashish Vyas (Associate);

Real Estate aspects: Abhiraj Gandhi (Partner), Karan Dattani (Principal Associate) and Aishwarya Ashish Ghule (Associate);

Intellectual Property aspects: Adheesh Nargolkar (Partner) and Rashmee Kumar (Principal Associate);

Tax: Jimmy Bhatt (Partner), Vishal Samnani (Principal Associate) and Preet Bipinkumar Sanghavi (Associate);

Capital Markets: Sudhir Bassi (Executive Director);

Employment Aspects: Deepak Kumar (Partner);

EIR Aspects: Sathyajith Nair (Principal Associate);

Ancillary Documents: Partha Narendra Mansukhani (Senior Associate), Prankul Boobana (Senior Associate) and Kriti Jalan (Associate).

As part of the transaction, Rane (Madras) will also acquire the COMPO brand, and 2 plants, expanding its presence across aftermarket, fleet operator, and distribution channels. Following the acquisition, Rane is expected to become the largest player in the segment across passenger vehicles, two-wheelers, railways, exports and the aftermarket.

The transaction is subject to regulatory approvals and other closing conditions.

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