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Cover Image Atreya Bhattacharya
Atreya BhattacharyaAZB & Partners

Atreya Bhattacharya

Partner at AZB & Partners

Lawyer

Mumbai

Deal Bio

Total Deals41
Valued Deals34
Total Value£ 22.07 B
Avg. Deal Size£ 649 M

Market Context

Awards

2022 Top M&A Lawyers in India

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26 Mar 2020|India|Health Care Facilities
Saket City Hospitals Private
Kkr & Co

Target: SAKET CITY HOSPITALS PRIVATE LIMITED

Bidder: KKR & CO

3 Service Providers

1 Target | 1 Bidder | 1 Vendor

7 Dealmakers

1 Target | 3 Bidder | 3 Vendor

£ 59 M

Value

27 Apr 2020|India|Renewable Energy Equipment
Shapoorji Pallonji Infrastructure Capital (five Solar Energy Assets)
Kkr & Co

Target: SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL (FIVE SOLAR ENERGY ASSETS)

Bidder: KKR & CO

13 Service Providers

7 Bidder | 6 Vendor

33 Dealmakers

19 Bidder | 14 Vendor

£ 166 M

Value

24 Mar 2020|India|Electricity Distribution
East North Interconnection Company
Kkr & Co

Target: EAST NORTH INTERCONNECTION COMPANY LTD

Bidder: KKR & CO

4 Service Providers

4 Bidder

7 Dealmakers

7 Bidder

£ 115 M

Value

12 Oct 2020|India|Pharmaceuticals
Anjan Drug
Samara Capital

Target: ANJAN DRUG

Bidder: SAMARA CAPITAL

4 Service Providers

1 Target | 3 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 53 M

Value

11 Feb 2021|India|Household Equipment and Products
Sc Johnson (india)
Bansk Group

Target: SC JOHNSON (INDIA)

Bidder: BANSK GROUP

6 Service Providers

3 Bidder | 3 Vendor

18 Dealmakers

12 Bidder | 6 Vendor

n/a

Value

05 Jul 2021|India|Toll Roads
Global Infrastructure Partners (hc1 Platform And Highway Assets In India)
Kkr & Co

Target: GLOBAL INFRASTRUCTURE PARTNERS (HC1 PLATFORM AND HIGHWAY ASSETS IN INDIA)

Bidder: KKR & CO

8 Service Providers

7 Bidder | 1 Vendor

18 Dealmakers

17 Bidder | 1 Vendor

n/a

Value

05 Apr 2021|India|Consumer Services: Other
SWIGGY
Wellington Management

Target: SWIGGY

Bidder: WELLINGTON MANAGEMENT

14 Service Providers

3 Target | 11 Bidder

33 Dealmakers

8 Target | 25 Bidder

£ 911 M

Value

31 Mar 2021|India|Oil Refining and Marketing
Bharat Oman Refinery
Bharat Petroleum

Target: BHARAT OMAN REFINERY LTD

Bidder: BHARAT PETROLEUM

3 Service Providers

1 Bidder | 2 Vendor

11 Dealmakers

1 Bidder | 10 Vendor

£ 235 M

Value

22 Jul 2021|India|Pharmaceuticals
Acme Formulation Private
Pag Asia Capital

Target: ACME FORMULATION PRIVATE LIMITED

Bidder: PAG ASIA CAPITAL

4 Service Providers

1 Target | 3 Bidder

7 Dealmakers

1 Target | 6 Bidder

£ 105 M

Value

06 Aug 2021|United States|Biotechnology
Navitas Life Solutions
Hig Capital

Target: NAVITAS LIFE SOLUTIONS

Bidder: HIG CAPITAL LLC

10 Service Providers

4 Bidder | 6 Vendor

8 Dealmakers

4 Bidder | 4 Vendor

£ 73 M

Value

07 Oct 2020|India|Business Process Outsourcing
STEPAHEAD
Gamot Api

Target: STEPAHEAD

Bidder: GAMOT API

1 Service Providers

1 Bidder

3 Dealmakers

3 Bidder

n/a

Value

26 Oct 2020|India|Diversified Industrials
Digital Fibre Infrastructure Trust
Abu Dhabi Investment Authority (adia)

Target: DIGITAL FIBRE INFRASTRUCTURE TRUST

Bidder: ABU DHABI INVESTMENT AUTHORITY (ADIA)

1 Service Providers

1 Bidder

4 Dealmakers

4 Bidder

£ 854 M

Value

25 Dec 2021|India|Construction Services
Ashoka Buildcon (5 Subsidiaries)
Kkr & Co

Target: ASHOKA BUILDCON (5 SUBSIDIARIES)

Bidder: KKR & CO

2 Service Providers

1 Bidder | 1 Vendor

5 Dealmakers

2 Bidder | 3 Vendor

£ 132 M

Value

24 Jan 2022|India|Consumer Services: Other
SWIGGY
Segantii Capital

Target: SWIGGY

Bidder: SEGANTII CAPITAL

11 Service Providers

3 Target | 8 Bidder

26 Dealmakers

5 Target | 29 Bidder

£ 515 M

Value

03 Mar 2022|India|Electronic Components and Equipment
Sanmina / Reliance Joint Venture
Reliance Industries (ril)

Target: SANMINA / RELIANCE JOINT VENTURE

Bidder: RELIANCE INDUSTRIES LIMITED (RIL)

5 Service Providers

5 Bidder

15 Dealmakers

15 Bidder

n/a

Value

14 Apr 2022|India|Alternative Fuels
Tata Power (renewable Energy Unit)
Blackrock Real Assets

Target: TATA POWER (RENEWABLE ENERGY UNIT)

Bidder: BLACKROCK REAL ASSETS

11 Service Providers

7 Bidder | 4 Vendor

58 Dealmakers

40 Bidder | 18 Vendor

£ 403 M

Value

20 Apr 2022|India|Toll Roads
Kkr & Co (road Platform In India)
Ontario Teachers' Pension Plan Board

Target: KKR & CO (ROAD PLATFORM IN INDIA)

Bidder: ONTARIO TEACHERS' PENSION PLAN BOARD

8 Service Providers

4 Bidder | 4 Vendor

22 Dealmakers

9 Bidder | 13 Vendor

£ 134 M

Value

31 Mar 2022|India|Health Care Services
Max Healthcare Institute
Sbi Mutual Fund

Target: MAX HEALTHCARE INSTITUTE LIMITED

Bidder: SBI MUTUAL FUND

3 Service Providers

1 Target | 2 Vendor

5 Dealmakers

1 Target | 4 Vendor

£ 334 M

Value

15 Mar 2022|Netherlands|Specialty Chemicals
Lithium Werks (assets Of Cobalt-free Lithium)
Reliance Industries (ril)

Target: LITHIUM WERKS (ASSETS OF COBALT-FREE LITHIUM)

Bidder: RELIANCE INDUSTRIES LIMITED (RIL)

5 Service Providers

4 Bidder | 1 Vendor

44 Dealmakers

43 Bidder | 1 Vendor

£ 47 M

Value

29 Apr 2022|India|Alternative Fuels
Sprng Energy
Shell

Target: SPRNG ENERGY

Bidder: SHELL PLC

6 Service Providers

1 Target | 3 Bidder | 2 Vendor

17 Dealmakers

2 Target | 14 Bidder | 1 Vendor

£ 1.24 B

Value

13 May 2022|India|Catering
DINEOUT
SWIGGY

Target: DINEOUT

Bidder: SWIGGY

6 Service Providers

2 Target | 2 Bidder | 2 Vendor

13 Dealmakers

1 Target | 3 Bidder | 9 Vendor

£ 163 M

Value

11 May 2022|India|Pharmaceuticals
Optimus Drugs
Pag Asia Capital

Target: OPTIMUS DRUGS

Bidder: PAG ASIA CAPITAL

8 Service Providers

4 Target | 4 Bidder

18 Dealmakers

9 Target | 9 Bidder

n/a

Value

13 Oct 2022|India|Auto Services
ZOOMCAR
Innovative International Acquisition Corp

Target: ZOOMCAR

Bidder: INNOVATIVE INTERNATIONAL ACQUISITION CORP

11 Service Providers

7 Target | 4 Bidder

20 Dealmakers

16 Target | 4 Bidder

£ 413 M

Value

16 Aug 2022|India|Health Care Services
Max Healthcare Institute
Gic Private

Target: MAX HEALTHCARE INSTITUTE LIMITED

Bidder: GIC PRIVATE LIMITED

5 Service Providers

1 Target | 3 Bidder | 1 Vendor

8 Dealmakers

1 Target | 3 Bidder | 4 Vendor

£ 960 M

Value

17 Oct 2022|India|Education Services
BYJU'S
Qatar Investment Authority

Target: BYJU'S

Bidder: QATAR INVESTMENT AUTHORITY

3 Service Providers

1 Target | 2 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 223 M

Value

21 Oct 2022|India|Specialty Chemicals
Upl
Tpg Capital

Target: UPL LIMITED

Bidder: TPG CAPITAL LP

13 Service Providers

4 Target | 9 Bidder

52 Dealmakers

9 Target | 43 Bidder

£ 445 M

Value

21 Oct 2022|India|Food Products
ADVANTA
Kkr & Co

Target: ADVANTA

Bidder: KKR & CO

9 Service Providers

3 Target | 3 Bidder | 3 Vendor

16 Dealmakers

5 Target | 4 Bidder | 7 Vendor

£ 265 M

Value

08 Nov 2022|India|Renewable Energy Equipment
Serentica Renewables
Kkr & Co

Target: SERENTICA RENEWABLES

Bidder: KKR & CO

5 Service Providers

2 Target | 3 Bidder

8 Dealmakers

2 Target | 6 Bidder

£ 349 M

Value

13 Nov 2022|India|Alternative Electricity
Vector Green
Sembcorp Industries

Target: VECTOR GREEN

Bidder: SEMBCORP INDUSTRIES

4 Service Providers

1 Bidder | 3 Vendor

14 Dealmakers

2 Bidder | 12 Vendor

£ 291 M

Value

26 Apr 2023|India|Renewable Energy Equipment
Avaada Energy
Brookfield Renewable Partners

Target: AVAADA ENERGY

Bidder: BROOKFIELD RENEWABLE PARTNERS

3 Service Providers

2 Target | 1 Bidder

7 Dealmakers

6 Target | 1 Bidder

£ 859 M

Value

12 May 2023|India|Renewable Energy Equipment
Virescent Renewable Energy Trust (vret)
India Grid Trust

Target: VIRESCENT RENEWABLE ENERGY TRUST (VRET)

Bidder: INDIA GRID TRUST

7 Service Providers

1 Target | 1 Bidder | 5 Vendor

21 Dealmakers

2 Target | 2 Bidder | 17 Vendor

£ 387 M

Value

02 Aug 2023|India|Industrial Distribution
Leap India
Kkr & Co

Target: LEAP INDIA

Bidder: KKR & CO

12 Service Providers

6 Target | 6 Bidder

32 Dealmakers

8 Target | 24 Bidder

n/a

Value

01 May 2023|India|Renewable Energy Equipment
Serentica Renewables
Kkr & Co

Target: SERENTICA RENEWABLES

Bidder: KKR & CO

3 Service Providers

1 Target | 2 Bidder

6 Dealmakers

2 Target | 4 Bidder

£ 205 M

Value

13 Dec 2023|United States|Software
THIRDERA
Cognizant Technology Solutions Corporation

Target: THIRDERA

Bidder: COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

5 Service Providers

1 Target | 4 Bidder

22 Dealmakers

1 Target | 21 Bidder

£ 342 M

Value

23 Aug 2023|India|Diversified Retailers
Reliance Retail Ventures
Qatar Investment Authority

Target: RELIANCE RETAIL VENTURES LIMITED

Bidder: QATAR INVESTMENT AUTHORITY

7 Service Providers

3 Target | 4 Bidder

9 Dealmakers

5 Target | 4 Bidder

£ 781 M

Value

12 Jan 2024|United States|Private Equity
Global Infrastructure Partners
BLACKROCK

Target: GLOBAL INFRASTRUCTURE PARTNERS

Bidder: BLACKROCK

15 Service Providers

6 Target | 9 Bidder

74 Dealmakers

35 Target | 39 Bidder

£ 9.80 B

Value

16 Oct 2023|United States|Medical Services
VIEWGOL
CPSI

Target: VIEWGOL

Bidder: CPSI

9 Service Providers

4 Target | 5 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 55 M

Value

12 Oct 2023|India|Renewable Energy Equipment
Sterlite Power/ Gic Joint Venture
Sterlite Power

Target: STERLITE POWER/ GIC JOINT VENTURE

Bidder: STERLITE POWER

11 Service Providers

11 Bidder

10 Dealmakers

10 Bidder

£ 815 M

Value

19 Nov 2024|India|Food Products
ADVANTA
Alpha Wave Ventures

Target: ADVANTA

Bidder: ALPHA WAVE VENTURES

6 Service Providers

3 Bidder | 3 Vendor

11 Dealmakers

4 Bidder | 7 Vendor

£ 276 M

Value

24 Dec 2024|India|Industrial Distribution
Leap India
First Bridge Ventures

Target: LEAP INDIA

Bidder: FIRST BRIDGE VENTURES

2 Service Providers

1 Target | 1 Bidder

4 Dealmakers

1 Target | 3 Bidder

£ 50 M

Value

21 Feb 2025|India|Electricity Distribution
Edf India / Actis Joint Venture
Electricite De France (edf)

Target: EDF INDIA / ACTIS JOINT VENTURE

Bidder: ELECTRICITE DE FRANCE SA (EDF)

4 Service Providers

4 Bidder

5 Dealmakers

5 Bidder

n/a

Value

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