Agriculture

Representative Matters

• Chambers & Partners Asia-Pacific 2024 ranked and recognized as ‘Leading Law Firm’ in 11 practice areas and 7 lawyers.
• Chambers & Partners Global 2024 ranked and recognized 7 practice areas and 5 lawyers.
• Global Restructuring Review recognized as ‘Top 100 Leading Firms’ for Cross-Border Restructuring and Insolvency matters in the GRR100- 2023 rankings.
• Bloomberg Global M&A Legal League Tables 2022 listed among the ‘Top 10’ Law Firms in the India Announced Deals (by Deal Count).
• Refinitiv, an LSEG business ranked in the ‘Top 15 Lenders Legal Counsel for the APAC and Japan region’ in 1H 2022 League Table rankings. It is the ‘Only Indian Law Firm’ ranked in the said table.
• Asian Legal Business (ALB) ranked as Tier-1 in its Asia M&A ranking 2022.
• India Business Law Journal recognized amongst ‘Best Overall Law Firms’ consecutively for two years, 2020 and 2019. Indian Deal of the Year for the ‘Cooperative Rabobank- Serentica Renewables’ deal at the Project Finance International (PFI) Awards, 2023. Asset Triple A – Sustainable Infrastructure Awards 2023, in the following categories: Asia-Pacific Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Renewable Energy Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Petrochemical Deal of the Year – Hindustan Uravarak & Rasayan Limited – 41.79 Billion rupees working capital facilities. Asia-Pacific Green Deal of the Year Award for the ‘Renew-RTC Project’ at the PFI Awards 2022. Innovative Technologies Law Firm of the Year at ALB India Law Awards 2022. Asset Triple A – Infrastructure Awards, 2022, for the following deals- Renewable Energy Refinance Deal of the Year – Vector Green Energy – INR 12.37 Billion Non-Convertible Debentures. Renewable Energy Deal of the Year – Azure Power – USD 163.92 Million Solar Photovoltaic Project Financing.
• Green Project of the Year – Adani Renewables – USD 1.35 Billion Project Finance Term Loan.
• Golden Book of World Records-2022 for the ‘Fastest Subscribed IPO’ for Venus Pipes & Tubes Limited. Project Finance Deal of the Year for SB Energy Six Solar Farm. Capital Market (Debt) Deal of the Year for Adani Electricity Mumbai Note Issuance. Restructuring and Insolvency Deal of the Year for Suzlon Energy. Debt Market Deal of the Year (Premium) for ‘Financing of Onshore Liquified Gas Project’ at ALB India Law Awards 2021. ‘Deals of the Year’ award by India Business Law Journal for the following deals-
• Carlyle’s acquisition of Nxtra Data.
• Mobile Premier League USD 90 million series C funding.
• Abbott Laboratories on its acquisition of Piramal Healthcare Limited’s healthcare solutions business, for a consideration of USD 3.8 billion.
• Advised Mandala Capital Limited (“Mandala”), a leading private equity firm focusing exclusively on the food and agribusiness sector, on its investments totalling over USD 100 Million in two Jain group companies, viz. Jain Irrigation Systems Ltd. (“JISL”), an India-headquartered multinational company (listed on BSE and NSE) engaged in manufacturing of micro irrigation systems, pipes, agro processed products, tissue culture and other agricultural inputs and related services and Jain Farm Fresh Foods Limited (“JFFFL”) “), a newly formed subsidiary of JISL, created from the transfer to it of JISL’s food processing facilities and businesses spread across India, US and UK. The Firm drafted and negotiated the transaction documents, conducted due diligence and assisted Mandala in obtaining approval of the Competition Commission of India (“CCI”) for the transaction.  The transaction is considered to be one of the largest foreign direct investments to date in Indian agribusiness.
• Acted for and advised Mandala Capital Limited in relation to its investment in Sustainable Agro-Commercial Finance Limited, the first non-banking finance company in the private sector in India providing agricultural loans, owned by Jain Irrigation Systems Limited, the nation’s second largest entity in field drip irrigation.
• Acted for and advised Gaja Capital (“Gaja”), a private equity fund in its investment in Bakers Circle (India) Private Limited (“Target”), a company engaged in processing, selling and distributing specialized frozen foods.
• Represented Rothschild in Del Monte Pacific’s acquisition of a 40% stake Rothschild’s food and farm products JV with Bharti Enterprises. We also advised Rothschild in its exit from that JV.
• Regular external counsel to Monsanto in India, frequently advising them on the regulatory regime governing food crops in India and we appear for them in superior courts on matters relating to genetically modified crops.
• Advised an overseas strategic investor in its proposed (but eventually abandoned) acquisition of a stake in Gokul Refoils and Solvent Limited, a listed manufacturer of edible oils and allied products.
• Advised Corn Products on the Indian limb of its USD 1.3 Billion acquisition of Akzo Nobel’s worldwide starch business. We helped Corn Products set up its Indian operations, reviewed transactional documents and advised on legal issues involved in the transaction. We now advice the Indian subsidiary on all legal matters and compliances. Corn Products is a company is involved in providing ingredient solutions to food, beverage, pharmaceutical, corrugating, animal feed, and health and wellness industries.
• Represented 2020 Equity Partners, a company advised by Lighthouse Funds in its investment of INR 410 Million into Dhanuka Agritech, a listed company involved in the business of crop care, including dealing in pesticides, seeds. Our diligence exercise identified appropriate risks and we drafted and negotiated the transaction documents.
• Represented the All India Crop Biotech Association before various superior courts including the Indian Supreme Court in connection with the prohibition of issues specific to the agricultural sector such as field trials of genetically modified crops, price fixation of Bt cotton seeds etc.
• Advised Archer Daniels Midlands (“ADM”) on foreign investment restrictions in the agricultural sector in India. ADM is engaged in the production of food ingredients, animal feed and bio-fuels and has investments in Indian JV companies such as Tinna Oil and Chemicals Limited and Tinna Agro.
• Industries Limited: These JVs are primarily involved in processing oil seeds and retailing refined oil, warehousing agricultural products, manufacturing bio-diesel and animal feed products, and marketing food items like bakery products, fruits, juices etc.
• Reviewed the draft Model Storage Agreement for public private partnership in storage of foodgrains prepared by the Planning Commission. Also advised the Planning Commission of India in relation to the grant of viability gap funding (VGF) by the Government of India for the development of food silo projects through public-private partnership on DBFOT basis in the State of Madhya Pradesh at (a) Murli in district Sehore; (b) Baghwad in district Harda; (c) Durgapur in district Dewas; (d) Juneta in district Hoshangabad; (e) Manpura in district Ujjain; (f) Mouhari in district Satna; (g) Padonia in district Raisen; and (h) Pathari Haweli in district Vidisha. Scope of work included reviewing the draft concession agreements for each of the projects in light of the provisions of the Model Storage Agreement.
• Advised Tano Capital in its investment in Shree Shubham Logistics Ltd one of India’s leading companies engaged in agri-warehousing logistics, on a transaction value of INR 800 Million. The Firm was involved in conducting due diligence, structuring of the transaction, negotiating, drafting and finalizing the transaction documents and advising on various other aspects of Indian law, both state and central, since warehousing is regulated by each of these governments.
• Advised Maharashtra Hybrid Seeds Company (MAHYCO)on various issues pertaining to the Agriculture Produce Marketing Acts of various states and on representations to be made on the Seeds Bill. The Firm has also represented MAHYCO in several matters, including criminal prosecutions, concerning violation of labeling and packaging requirements under applicable statutes. The Firm has represented MAHYCO on several matters before the Supreme Court and High Courts on several issues including in relation to: regulation of pricing of seeds, suspension of licenses, confiscation of seeds under the Essential Commodities Act, and on matters relating to the Plant Varieties Protection and Farmers Rights Act regarding misuse of parental lines/hybrids (the first such petitions under the Act).
• Assisted Bharti Walmart in understanding the tax issues surrounding their various warehouses and assisted in obtaining registration under Project Import Regulations for availing Customs duty concession for their warehouses used for storing food grains and sugar. In relation to this, the Firm also engaged with and made representations to the Ministry of Agriculture.
• Advised Veetee Fine Foods Limited on the regulatory framework in the context of the Punjab Agricultural Produce Markets Act, 1961 (applicable to the states of Punjab and Haryana) and their financing structuring.
• Advised a food and beverages player from the Middle East in setting up their business in India, which includes advice on proposed structure from a tax and regulatory perspective, review of template franchise agreements and company incorporation.
• Advised a large promoter group of India’s largest producer of sugar and ethanol on issues relating to acquisition of unsubscribed and renounced portion in an INR 200 billion rights issue.
• Advised Syngenta India and other seed and biotech companies on compliances under applicable laws of India including issues arising under the Insecticides Act, the Environment Protection Act, Seeds Act, Essential Commodities Act, Seeds Control Order and the Plant Quarantine Order.
• Represented Paradeep Phosphates Limited on both corporate and litigation matters. We advised Paradeep in relation to a USD 50 Million bilateral secured ECB facility from International Finance Corporation for the expansion of its manufacturing facilities.
• National Biotechnology Regulatory Authority: Partners of the Firm were invited to be part of the discussions on finalizing the proposed National Biotechnology Regulatory Authority.
• Advised National Seed Association of India (NSAI) and seed companies on issues arising under new state legislations, including the obligations thereunder and the representation to be made to authorities with regard to fixation of the price of cotton seeds thereunder.
• Advised Mandala Capital Limited (“Mandala”), a leading private equity firm focusing exclusively on the food and agribusiness sector, on its investments totalling over USD 100 Million in two Jain group companies, viz. Jain Irrigation Systems Ltd. (“JISL”), an India-headquartered multinational company (listed on BSE and NSE) engaged in manufacturing of micro irrigation systems, pipes, agro processed products, tissue culture and other agricultural inputs and related services and Jain Farm Fresh Foods Limited (“JFFFL”) “), a newly formed subsidiary of JISL, created from the transfer to it of JISL’s food processing facilities and businesses spread across India, US and UK. The Firm drafted and negotiated the transaction documents, conducted due diligence and assisted Mandala in obtaining approval of the Competition Commission of India (“CCI”) for the transaction.  The transaction is considered to be one of the largest foreign direct investments to date in Indian agribusiness.
• Acted for and advised Mandala Capital Limited in relation to its investment in Sustainable Agro-Commercial Finance Limited, the first non-banking finance company in the private sector in India providing agricultural loans, owned by Jain Irrigation Systems Limited, the nation’s second largest entity in field drip irrigation.
• Acted for and advised Gaja Capital (“Gaja”), a private equity fund in its investment in Bakers Circle (India) Private Limited (“Target”), a company engaged in processing, selling and distributing specialized frozen foods.
• Represented Rothschild in Del Monte Pacific’s acquisition of a 40% stake Rothschild’s food and farm products JV with Bharti Enterprises. We also advised Rothschild in its exit from that JV.
• Regular external counsel to Monsanto in India, frequently advising them on the regulatory regime governing food crops in India and we appear for them in superior courts on matters relating to genetically modified crops.
• Advised an overseas strategic investor in its proposed (but eventually abandoned) acquisition of a stake in Gokul Refoils and Solvent Limited, a listed manufacturer of edible oils and allied products.
• Advised Corn Products on the Indian limb of its USD 1.3 Billion acquisition of Akzo Nobel’s worldwide starch business. We helped Corn Products set up its Indian operations, reviewed transactional documents and advised on legal issues involved in the transaction. We now advice the Indian subsidiary on all legal matters and compliances. Corn Products is a company is involved in providing ingredient solutions to food, beverage, pharmaceutical, corrugating, animal feed, and health and wellness industries.
• Represented 2020 Equity Partners, a company advised by Lighthouse Funds in its investment of INR 410 Million into Dhanuka Agritech, a listed company involved in the business of crop care, including dealing in pesticides, seeds. Our diligence exercise identified appropriate risks and we drafted and negotiated the transaction documents.
• Represented the All India Crop Biotech Association before various superior courts including the Indian Supreme Court in connection with the prohibition of issues specific to the agricultural sector such as field trials of genetically modified crops, price fixation of Bt cotton seeds etc.
• Advised Archer Daniels Midlands (“ADM”) on foreign investment restrictions in the agricultural sector in India. ADM is engaged in the production of food ingredients, animal feed and bio-fuels and has investments in Indian JV companies such as Tinna Oil and Chemicals Limited and Tinna Agro.
• Industries Limited: These JVs are primarily involved in processing oil seeds and retailing refined oil, warehousing agricultural products, manufacturing bio-diesel and animal feed products, and marketing food items like bakery products, fruits, juices etc.
• Reviewed the draft Model Storage Agreement for public private partnership in storage of foodgrains prepared by the Planning Commission. Also advised the Planning Commission of India in relation to the grant of viability gap funding (VGF) by the Government of India for the development of food silo projects through public-private partnership on DBFOT basis in the State of Madhya Pradesh at (a) Murli in district Sehore; (b) Baghwad in district Harda; (c) Durgapur in district Dewas; (d) Juneta in district Hoshangabad; (e) Manpura in district Ujjain; (f) Mouhari in district Satna; (g) Padonia in district Raisen; and (h) Pathari Haweli in district Vidisha. Scope of work included reviewing the draft concession agreements for each of the projects in light of the provisions of the Model Storage Agreement.
• Advised Tano Capital in its investment in Shree Shubham Logistics Ltd one of India’s leading companies engaged in agri-warehousing logistics, on a transaction value of INR 800 Million. The Firm was involved in conducting due diligence, structuring of the transaction, negotiating, drafting and finalizing the transaction documents and advising on various other aspects of Indian law, both state and central, since warehousing is regulated by each of these governments.
• Advised Maharashtra Hybrid Seeds Company (MAHYCO) on various issues pertaining to the Agriculture Produce Marketing Acts of various states and on representations to be made on the Seeds Bill. The Firm has also represented MAHYCO in several matters, including criminal prosecutions, concerning violation of labeling and packaging requirements under applicable statutes. The Firm has represented MAHYCO on several matters before the Supreme Court and High Courts on several issues including in relation to: regulation of pricing of seeds, suspension of licenses, confiscation of seeds under the Essential Commodities Act, and on matters relating to the Plant Varieties Protection and Farmers Rights Act regarding misuse of parental lines/hybrids (the first such petitions under the Act).
• Assisted Bharti Walmart in understanding the tax issues surrounding their various warehouses and assisted in obtaining registration under Project Import Regulations for availing Customs duty concession for their warehouses used for storing food grains and sugar. In relation to this, the Firm also engaged with and made representations to the Ministry of Agriculture.
• Advised Veetee Fine Foods Limited on the regulatory framework in the context of the Punjab Agricultural Produce Markets Act, 1961 (applicable to the states of Punjab and Haryana) and their financing structuring.
• Advised a food and beverages player from the Middle East in setting up their business in India, which includes advice on proposed structure from a tax and regulatory perspective, review of template franchise agreements and company incorporation.
• Advised a large promoter group of India’s largest producer of sugar and ethanol on issues relating to acquisition of unsubscribed and renounced portion in an INR 200 billion rights issue.
• Advised Syngenta India and other seed and biotech companies on compliances under applicable laws of India including issues arising under the Insecticides Act, the Environment Protection Act, Seeds Act, Essential Commodities Act, Seeds Control Order and the Plant Quarantine Order.
• Represented Paradeep Phosphates Limited on both corporate and litigation matters. We advised Paradeep in relation to a USD 50 Million bilateral secured ECB facility from International Finance Corporation for the expansion of its manufacturing facilities.
• National Biotechnology Regulatory Authority: Partners of the Firm were invited to be part of the discussions on finalizing the proposed National Biotechnology Regulatory Authority.
• Advised National Seed Association of India (NSAI) and seed companies on issues arising under new state legislations, including the obligations thereunder and the representation to be made to authorities with regard to fixation of the price of cotton seeds thereunder.