Cyril Amarchand Mangaldas Advised Deepak Chem Tech Ltd. In Acquisition Of Narmada Thermal Power Pvt. Ltd.
Cyril Amarchand Mangaldas Advised Deepak Chem Tech Ltd. In Acquisition Of Narmada Thermal Power Pvt. Ltd.
Cyril Amarchand Mangaldas advised Deepak Chem Tech Limited (DCTL), a wholly-owned subsidiary of Deepak Nitrite Limited, in its recent acquisition of a 100% stake in Narmada Thermal Power Private Ltd. (NTTPL). This strategic move signals a significant step in Deepak Nitrite's expansion plans.
Under the agreement, Deepak Nitrite's subsidiary, DCTL, will acquire the entirety of NTTPL's stake for a cash consideration of Rs 61.65 crores. The acquisition, set to be finalized by June 30, includes NTTPL's assets, notably an industrial land spanning approximately 125 acres in Bharuch, Gujarat.
While NTTPL currently is not operational, its primary objective is to establish a Thermal Power Project. The acquisition aligns with Deepak Nitrite's strategic vision, leveraging NTTPL's assets for future projects. Upon completion of the acquisition, NTTPL will transition into a wholly-owned subsidiary of DCTL and a step-down subsidiary of Deepak Nitrite Limited.
Deepak Nitrite, renowned for its expertise in manufacturing organic, inorganic, fine, and specialty chemicals, strengthens its portfolio with this acquisition.
Cyril Amarchand Mangaldas' General Corporate and Real Estate teams played pivotal roles in facilitating the transaction. Partner Ravi Shah led the transaction team, with support from Senior Associate Bhakti Madan and Associate Vidhi Kotak Shah.
The due diligence team was led by Partner Ravi Shah with support from Senior Associate Bhakti Madan.
Partner Mudit Shah with support from Principal Associate Praharsh Vyas and Associate Rushi Panchal assisted on Real Estate Related Aspects of the transaction (including title diligence).
