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JSA advises TPG Growth in GIC’s further acquisition in Asia Healthcare Holdings

JSA advised TPG Growth entities (collectively, “TPG Growth”) in further investment by Waverly Pte. Ltd. (“GIC”) in Asia Healthcare Holdings Pte. Ltd., a healthcare delivery platform backed by TPG Growth and GIC. JSA assisted TPG Growth in drafting, negotiating and finalising the transaction documents. The transaction is subject to receipt of applicable regulatory and corporate approvals.

Our Merger and Acquisition Team Comprised Lead Partner and National Corporate Lead – Iqbal Khan, Partners – Ambarish and Tanavi Mohanty, Principal Associate – Krishaal Morjaria, Senior Associate – Soumya Pradhan, Associate – Subham Biswal.

Our Competition Team Partner and Chair, Competition Law Practice – Nisha Kaur Uberoi, Partner – Pranav Satyam, Principal Associate – Anand Sree, Senior Associates – Kamal Sharma and Ishan Arora, Associates – Giri Aravind and Sudhanshu Singh.

JSA advises Kapur Family Trust and SNVK Hospitality and Management Private Limited on Scheme of Merger

JSA advised Kapur Family Trust and SNVK Hospitality and Management Private Limited (“SNVK”) in connection with the merger of SNVK into Travel Food Services Limited (“TFS”), pursuant to an order of the National Company Law Tribunal, Mumbai Bench. Prior to the merger, JSA assisted in: (i) divestment of the other investments of SNVK in four entities (both in India and outside India) to other group entities; and (ii) drafting, negotiating and finalising implementation agreement executed by Kapur Family Trust and SNVK with the existing non-resident joint venture partner in TFS for implementing the merger.

Our Transaction Team Lead Partner and National Corporate Lead – Iqbal Khan, Partner – Tanavi Mohanty, Senior Associate – Megha Diddi, and Associates – Subham Biswal and Ishaan Kulshrestha.

Quality Care India’s proposed merger with Aster DM Healthcare

JSA advised TPG, in relation to the proposed merger of its investee company, Quality Care India Limited (“QCIL”), with Aster DM Healthcare Limited (“Aster”), at a combined valuation of over USD 5 billion.

The transaction also contemplates a preferential issuance by Aster, prior to the merger, for an acquisition of 5% shareholding in QCIL. The transactions are subject to applicable regulatory and corporate approvals.

The combined entity will have a network of 38 hospitals and 10,150+ beds spread across 27 cities making it one of the top 3 hospital chains in India.

Deal value: USD 5 billion (approx.)

Our transaction team comprises Lead Partners – Iqbal Khan and Ambarish, Partner – Ashid Basheer, and Senior Associate – Varun Natarajan.

Our competition team comprises Partner and Chair, Competition Law – Nisha Kaur Uberoi, Partner – Pranav Satyam, Senior Associates – Akrathi Shetty and Kamal Sharma, and Associate – Tarun Katariya.

JSA advised Pavestone Technology Fund on its investment in Vyuti Systems Private Limited (CynLr)

JSA advised Pavestone Technology Fund on its investment in deeptech robotics startup CynLr or Cybernetics Laboratory, in recent funding round. Existing investors of CynLr including Atehra, Speciale and Infoedge also participated in the round.

The startup will use the funds raised to expand their 60-member core team to 120 people. CynLr will be hiring for business and operations, marketing and sales teams across India, U.S. and Switzerland as well as its research and software development team.

Our transaction team comprises Lead Partner – Siddharth Mody, Partner – Anurag Shrivastav, and Senior Associate – Alister Sequeira.

JSA advises EQT on pre-IPO trades in Sagility India

JSA advised EQT on its pre-IPO sale of shares in Sagility India Limited, to multiple buyers including funds managed by 360 One (formerly IIFL Wealth), Avendus Future Leaders Fund II, Elpro International Limited, and Adani Properties Private Limited.

Our Transaction Team Lead Partners – Vikram Raghani and Anand Lakra, Principal Associate – Ami Shah and Senior Associate – Shubham Shahi.

ONGC Green Limited to acquire 100% stake in PTC Energy Limited

JSA advised ONGC and ONGC Green Limited (OGL) in the proposed acquisition of 100% stake of PTC India Limited in PTC Energy Limited (PEL). PEL operates 7 wind power projects with an aggregate capacity of 288.80 MW. OGL was incorporated recently as wholly owned subsidiary of ONGC, for housing renewable energy projects in line with ONGC’s initiatives in renewable energy domain to achieve its Net Zero Target (Scope 1 & 2) by 2038. This transaction is one of the first projects undertaken by ONGC for acquisition of renewable energy projects. The transaction is subject to completion of customary conditions precedent and completion actions.

JSA advised ONGC in (i) negotiating and finalizing the transaction documents, and (ii) due diligence of PEL’s renewable energy portfolio including advising ONGC on strategic risk mitigation measures to address project development and regulatory aspects associated with the wind assets spread across Andhra Pradesh (AP), Madhya Pradesh (MP) and Karnataka, totalling up to wind generation capacity of 288.80 MW spread over 157 Wind Turbine Generators.

Deal value: USD 111.18 million

Our Transaction Team Comprised Partners – Venkatesh Raman Prasad, Vishnu Sudarsan, Ashish Suman, and Shashank Vikram Singh, Principal Associate – Ashwin Nayar, Senior Associates – Ayan Sinha and Jatin Talwar, Associate – Asmita Maan, Ravneet Gill, Samrat Chakraborty and Shruti Maheshwari.

Our Competition Team Comprised Partner – Vaibhav Choukse and Principal Associate – Nripi Jolly

GMR Airports Infrastructure Limited To Acquire 10% Stake In Delhi International Airport Limited From Fraport AG Frankfurt

JSA advised and assisted Fraport AG Frankfurt Airport Services Worldwide(“Fraport”) in the proposed sale of its 10% (ten percent) shareholding in Delhi International Airport Limited (“DIAL”), to GMR Airports Infrastructure Limited (“GIL”). The parties have entered into a share purchase agreement dated September 9, 2024 for the proposed sale (“Proposed Transaction”).

Fraport and GIL are members of a consortium, which had bid, and were selected by Airports Authority of India (“AAI”) (with the approval of the Government of India) as the joint venture partners for undertaking the project to operate Indira Gandhi International Airport (“IGI Airport”).

GIL (a member of the GMR Group) is a leading airport developer in India and holds, along with its affiliates, 64% (sixty-four percent) of the equity share capital of DIAL. Fraport, incorporated in 1924 in Frankfurt, Germany, is a leader in the global airport business, and offers a wide range of operational and management solutions.

Post the Proposed Transaction, GIL’s stake in DIAL will increase to 74% (seventy-four percent). However, Fraport shall continue as the operator of the IGI Airport.

Deal Value: USD 126 million (approximately INR 10.58 billion)

Our Transaction Team Comprised Lead Partner – Shivpriya Nanda, Partner – Zain Pandit and Senior Associate – Twisha Shrivastava.

EQT to acquire GeBBS Healthcare Solutions

JSA advised EQT on acquiring a controlling stake in GeBBS Healthcare Solutions, a global provider of healthcare outsourcing solutions, from ChrysCapital.

GeBBS is a technology-driven solution provider to hospital systems and payers in the US. GeBBS creates innovative technologies to help clients optimise their organisational workflow, improve financial performance, adhere to compliance, and enhance the overall patient experience.

Our Transaction Team Comprised Lead Partner – Vikram Raghani and Anand Lakra, Partner – Niharika Mepani, Principal Associate – Ami Shah, Senior Associate – Jinay Shah and Associates – Diya Dave, Ishan Saxena, Tanishqua Desai and Nishi Shah.

Our Diligence Team Comprised Partner – Sonakshi Das, Of Counsel – Mohammed Abid Hussain, Associates – Riya Saraf, Shivani Jain, Maria Joven Vellara, and Rishi Sandill.

Our Taxation Team Comprised Partner – Shareen Gupta, Principal Consultant – Ruchita Modi and Associate – Tanay Vyas.

Our Competition Team Comprised Partners Vaibhav Choukse and Ela Bali and Principal Associate – Nripi Jolly.