Khaitan & Co recently advised Hindustan Composites Ltd on the strategic divestiture of its friction business. This transaction, structured as a slump sale, involves the sale to Rane (Madras) Limited for a total consideration of ₹370 crore.
The legal team from Khaitan & Co was spearheaded by Kapish Mandhyan, a Partner at the firm, with significant contributions from Tanya Singh Shah and Deep Shah, both Principal Associates, as well as Arushi Dokania, an Associate.
Comprehensive Legal Support
The transaction required multi-dimensional legal expertise, with Khaitan & Co providing insight across various legal domains:
- Litigation: Managed by Chakrapani Misra (Partner) and Pranali Ashish Vyas (Associate).
- Real Estate: Led by Abhiraj Gandhi (Partner), supported by Karan Dattani (Principal Associate) and Aishwarya Ashish Ghule (Associate).
- Intellectual Property: Overseen by Adheesh Nargolkar (Partner) and Rashmee Kumar (Principal Associate).
- Taxation: Directed by Jimmy Bhatt (Partner), assisted by Vishal Samnani (Principal Associate) and Preet Bipinkumar Sanghavi (Associate).
- Capital Markets: Supervised by Sudhir Bassi (Executive Director).
- Employment Aspects: Handled by Deepak Kumar (Partner).
- EIR Aspects: Managed by Sathyajith Nair (Principal Associate).
- Ancillary Documents: Finalized by Partha Narendra Mansukhani (Senior Associate), Prankul Boobana (Senior Associate), and Kriti Jalan (Associate).
Rane’s Strategic Expansion
The agreement also includes the acquisition of the COMPO brand and two manufacturing plants. This strategic move is set to bolster Rane (Madras)’s market presence across various channels, including aftermarket, fleet operations, and distribution. Upon completion, Rane aims to become the leading entity in the friction business segment, spanning passenger vehicles, two-wheelers, railways, exports, and the aftermarket.
Completion of this transaction is contingent upon obtaining necessary regulatory approvals and meeting other closing conditions.
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