Khaitan acts on JV between SB Packagings, Premji Invest, and C-Flex

Amit Banga, the promoter of SB Packagings Private Limited has created a Joint Venture between himself, Premji Invest and C-Flex (Constantia Flexibles Sales B.V), with SB Packagings as the joint venture vehicle.

Pursuant to the terms of joint venture, SB Packagings has acquired 100% shareholding of the Indian subsidiaries of C-Flex and allotted equity shares (as consideration for acquisition of shares of India subsidiaries of C-Flex) by SB Packagings to C-Flex (resulting in C-Flex holding a significant minority in Sb Packagings), following the regulatory approval from the Competition Commission of India.

Khaitan & Co advised SB Packagings and its promoter Amit Banga in the creation of this joint venture.

The core team consisted of Pashupati Nath (Partner), Abhiroop De (Principal Associate) and Sakshi Duggal (Associate) with assistance from the following:

Assisted with drafting of the patents, trademark and know-how licensing agreement executed between Constantia Flexibles International GmbH and S.B. Packagings Private Limited: Ankur Sangal (Partner), Ananya Bhat (Senior Associate), Ankit Arvind (Senior Associate)

Assisted with review of the provisions related to obtaining approval of the Competition Commission of India included in the share subscription and purchase agreement for the transaction: Pranjal Prateek (Partner), Alisha Mehra (Senior Associate) and Armaan Gupta (Associate)

Assisted with review of the tax related representations and warranties, indemnities, conditions precedent and closing date actions: Indruj Singh Rai (Partner) and Bharat Jain (Senior Associate)

This Joint Venture will bring together the mono-material capabilities of both SB Packagings and C-Flex and offer medium to high-barrier packaging solutions to food and hygiene markets.

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