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The Competition Commission of India has given approval to Schneider and MacRitchie Investments’ (an investment holding company of Temasek Holdings) acquisition of Larsen & Toubro’s electrical and automation business in a ₹14,000-crore deal. However, the deal is subject to compliance of certain modifications.
Trilegal acted for Schneider and Temasek and the team was led by Nisha Kaur Uberoi, Partner & National Head Competition assisted by Counsel Akshay Nanda, and Associates Harshita Parmar, Shiv Johar, Sarthak Pande and Kalrav Mehrotra.
Shardul Amarchand Mangaldas advised Larsen & Toubro and the Competition team was led by Partners Shweta Shroff Chopra and Aparna Mehra and supported by Partner Gauri Chhabra, Senior Associate Ritwik Bhattacharya, Senior Economist Saattvic and Associates Neetu Ahlawat, Kajori De and Ms. Abhiruchi Jhawar. Strategic inputs were provided by Managing Partner Pallavi Shroff.
AZB & Partners advised Schneider and Temasek on corporate law aspects of the transaction led by Senior Partner Ashwath Rau and Partner Dhruv Singhal.
SAM & Co acted for L&T on the corporate aspect too. The team was led by Partner Iqbal I. Khan and supported by Partner Arka Banerjee, Principal Associate Faraz Khan and Associate Tanavi Vasudevan.
Bredin Prat led by Partners Pierre Honore and Marc Pittie acted for Schneider on the international competition aspects.
Cleary Gottleib led by Nick Levy, Partner assisted by Richard Pepper, Counsel acted for MacRitchie on the international competition aspects.