Source: Bar and Bench

Aditya Birla Nuvo Ltd (ABNL) will merge with Grasim Industries Ltd in a bid to unlock shareholder value and create a $9 billion (Rs 59,766 crore) enterprise.

With the merger, the Aditya Birla Group decided to hive off its financial services business into a separate entity, which will be listed later.

Khaitan & Co acted as legal advisors for the overall transaction. The team was led by Senior Partner Haigreve Khaitan, Partner Mehul Shah, Associate Partner Sameer Sah, Senior Associate Pranay Bagdi and Associate Aman Yagnik.

Securities’ aspects: Sudhir Bassi (Executive Director), Arindam Ghosh (Partner) and Moin Ladha (Associate Partner)

Competition law aspects: Avaantika Kakkar (Partner), Jayati Handa (Associate), Arunima Chatterjee (Associate) and Kirthi Srinivas (Associate)

Direct Tax aspects: Daksha Baxi (Executive Director) and Vinita Krishnan (Associate Director)

Employment aspects: Anshul Prakash (Associate Partner)

Real Estate aspects: Abhishek Sharma (Partner)

Regulatory aspects: Sharad Vaid (Partner)

Cyril Amarchand Mangaldas advised Aditya Birla Financial Services witha team led by Managing Partner Cyril Shroff.

This transaction will create one of India’s largest and well-diversified companies with a combination of cash generating and high growth businesses. The combined company will have a portfolio of manufacturing and services businesses with a leading presence across cement, financial services, telecom, textiles and chemicals.