Deal Street

April 19, 2019

Schneider Electric’s acquisition of Larsen & Toubro’s Electrical and Automation business approved by CCI subject to modifications


CCI

The proposed Rs. 14,000 crore acquisition of Larsen & Toubro Limited’s Electrical and Automation business by Schneider Electric India Private Limited and MacRitchie Investments Pte. Ltd. (an investment holding company of Temasek Holdings), has been approved by the Competition Commission of India (CCI),, subject to compliance with certain modifications. It is after 11 months of detailed review and scrutiny of the transaction, including a Phase 2 investigation, that the transaction has been approved.. The detailed order of the CCI is awaited.

Larsen & Toubro Limited was advised on the corporate and competition law aspects of the transaction by Shardul Amarchand Mangaldas & Co. Partners Ms. Shweta Shroff Chopra and Ms. Aparna Mehra supported by Ms. Gauri Chhabra (Partner), Mr. Ritwik Bhattacharya (Senior Associate), Mr. Saattvic (Senior Economist), Ms. Neetu Ahlawat (Associate), Ms. Kajori De (Associate) and Ms. Abhiruchi Jhawar (Associate) led the competition team. Ms Pallavi Shroff, Managing Partner, provided the Strategic inputs.

Leading the Corporate was Mr. Iqbal I. Khan (Partner), supported by Mr. Arka Banerjee (Partner), Mr. Faraz Khan (Principal Associate) and Ms. Tanavi Vasudevan (Senior Associate).

Schneider Electric and Temasek Holdings were advised by Trilegal on the competition law aspects led by partner Ms. Nisha Kaur Uberoi and supported by Ms. Soumya Hariharan (Partner), Mr. Akshay Nanda (Counsel), Ms. Harshita Parmar (Associate), Mr. Shiv Johar (Associate), Ms. Nandini Pahari (Associate), Mr. Kalrav Mehrotra (Associate) and Mr. Sarthak Pande (Associate).

The corporate law aspects of the transaction were led by AZB & Partners senior partner Mr. Ashwath Rau and supported by partner Mr. Dhruv Singhal.

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