Chemicals

Representative Matters

• 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 biofuels 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 biodiesel and animal feed products, and marketing food items like bakery products, fruits, juices etc.
• Represented the Automotive Tyre Manufacturers Association and its members in a Sunset review of an anti-dumping duty investigation against import of certain Rubber Chemicals into India originating or exported from the European Union and China PR before the DGAD. The representation resulted in the termination of the anti-dumping duty for two products and for the remaining products, the anti-dumping duty was reduced by more than 50%.
• Advised Ingredion Inc. (earlier known as Corn Products), one of the world leading players in the starch business, in its acquisition of the starch business of Akzo Nobel. The Firm advised on the entire India leg of the transaction including setting up of the Corn Products subsidiary in India (which was the acquisition vehicle), review of India level transaction documents, advise on legal issues related to the matter (including corporate compliances, employment matters and assisting in obtaining licenses and registrations for the new entity). The global deal value was approximately USD 1.3 billion.
• Represented ONGC Petro-additions Limited (an SPV promoted by ONGC), in connection with the syndicated term loan financing of USD 1.9 billion for its 1.1. MMTPA greenfield Petrochemical Complex project at Dahej SEZ, Gujarat.
• Advised on Bayer’s acquisition of Monsanto (U.S) for USD 66 billion, in an all-cash transaction. This transaction is the largest ever- Acquisition of an American company by a foreign buyer; and
• Advised Solvay SA, a promoter member, and ICICI Securities the lead manager, on the delisting of Rhodia Specialty Chemicals from BSE Limited.
• Advised Indian Petrochemicals Corporation Limited (IPCL) in relation to the Offer for Sale of its shares in IPCL.
• Advised leading Dutch energy trading company with respect to purchase of the carbon credits from an Indian chemical company. The Firm advised on negotiation and drafting of the Emissions Reduction Purchase Agreement and on regulatory, environmental and general corporate issues pertaining to purchase of carbon credits.
• Advised a leading fertilizers and chemicals manufacturing company in connection with a gas supply agreement and a gas transmission agreement proposed to be entered into by the company with GAIL India Limited.
• Acted for a leading agrochemical company in India in the negotiation and finalization of the Concession Agreement with the municipal authority of Mumbai in its PPP model management of waste dump sites in Mumbai. Also advising the Company in its negotiation with other consortium partners providing technical expertise and structuring the risks and rewards structure.
• Advised Merck on the India leg of the global transaction relatively to various aspects of structuring the sale of business/ assets in India. The Firm was also involved in reviewing and commenting on the local Business Transfer Agreement, Omnibus Intellectual Property Assignment Agreement, and certain manufacturing agreements as well as advising on the regulatory regime governing acquisitions in the pharmaceutical sector in India.
• Advised Servizi Italia S.p.A in setting up a joint venture in India with Shashi Bhushan Balain, to carry on the business of providing laundry wash services, wash-hire services, linen sterilization services, surgical instruments sterilization services and services of supplying surgical instruments, to hospitals in the National Capital Territory of Delhi. The firm advised on various aspects of Indian law and was instrumental in drafting and negotiating the various transaction documents to consummate and implement the transaction.
• Advised on International Finance Corporation (IFC) and IFC Emerging Asia Fund, LP (EAF) proposal to invest in and acquire compulsorily convertible debentures of Crystal Crop Protection Limited (CCPL). CCPL is in the business of manufacturing agricultural products such as insecticides, pesticides, etc. Our team’s role included reviewing the transaction documents (i.e. securities subscription agreement, the shareholders’ agreement and the put option agreement), negotiating the transaction documents with IFC and EAF and providing assistance in relation to execution of the transaction documents.
• Advised Global Infrastructure Partners (GIP), one of the largest infrastructure investors in the world with an AUM of over USD 40 billion, on its exit from EIPL, a company engaged in the storage of petrochemical and LPG products at the Vizag port.
• Advised IHS Markit for its multi-jurisdictional sale of its OERM business to Genstar Capital. OERM business operates globally, serving over 2,500 customers, and hundreds of thousands of individual users primarily in highly regulated industries such as Oil & Gas, Chemicals, and Manufacturing.
• Advised EuroChem AG on anti-dumping duty imposed on import of Ammonium Nitrate into India.
• Advised one of China’s largest manufacturers of rubber chemicals with respect to a new shipper review following anti-dumping duty on rubber chemicals from China.
• Represented importers in the Midterm Review investigation against import of Rubber Chemical PX 13 from Korea RP before the DGAD.
• Successfully represented one of India’s largest chemical manufacturers before the Directorate General of Foreign Trade on issues pertaining non-fulfilment of license conditions under the Foreign Trade Policy bringing the demand from INR 12.3 Crore to NIL.
• Assisted Haldia Petrochemicals Limited in negotiation and vetting of the EPC contract and PPA for a co-generation plant set up in the Haldia Petrochemicals complex, to supply power and steam to Haldia Petrochemicals Ltd.