JSA Advocates & Solicitors (JSA) acted as the sole advisor to Nippon Steel Corporation (Nippon Steel) in securing an unconditional approval from the Competition Commission of India (CCI) in relation to Nippon Steel’s proposed acquisition of the entire remaining 53.4% stake of Krosaki Harima Corporation (Krosaki).
Under the terms of the proposed acquisition, Nippon Steel will acquire the entire remaining 53.4% of Krosaki by way of a tender offer and potential squeeze-out (as applicable). The value of the proposed acquisition is approximately JPY 75.8 billion (i.e., approximately INR 4,497.16 crores).
The proposed acquisition will expand Nippon Steel’s footprint in India, across the steel-making value chain.
This was an acquirer only, long form (Form II) merger notification filing made by Nippon Steel, which was cleared unconditionally by the CCI in 81 calendar days from filing.
The team from JSA comprised Nisha Kaur Uberoi, Partner & Chair – Competition Law Practice, with Principal Associates – Shambhvi Sinha and Rahat Dhawan; Senior Associates – Kamal Sharma and Samriddha Gooptu; and Associates – Keerthana Kesavan, Mehar Singh Dang, Rohan Bhargava, Giri Aravind, Ashmeka K, Tarun Katariya and Neelanjana Ghosh.
Partner, Vikram Raghani, along with Principal Associate Farah Titina, advised Nippon Steel on the Indian corporate law and FDI aspects in relation to the proposed acquisition.
Nishimura & Asahi (Gaikokuho Kyodo Jigyo) acted as the global counsel for Nippon Steel.
Anderson Mori & Tomotsune acted as the global counsel for Krosaki.
Other advisors included Dr. R.K.S (Shyam) Khemani, along with Nexdigm and Grand View Research.
Nisha Kaur Uberoi is a Partner and the Chair of the Competition Law Practice at JSA, leading one of the largest competition law teams in India.