Mumbai (Maharashtra)/New Delhi [India], September 2 (ANI/NewsVoir): Cyril Amarchand Mangaldas acted as the legal counsel to Bharti AXA General Insurance Company Limited (Bharti AXA) and Bharti General Ventures Private Limited (Bharti General) on the de-merger of Bharti AXA's general insurance business with ICICI Lombard General Insurance Limited (ICICI Lombard).
The General Corporate, Competition Law practices, assisted by the Artificial Intelligence team, of Cyril Amarchand Mangaldas, advised on the Transaction.
The Transaction team was led by Shishir Vayttaden, Partner; and Dhruv Singhal, Partner; with support from Sonakshi Arora, Senior Associate; and Swapna Satapathy, Associate.
Indranath Bishnu, Partner; with support from Pranjita Burman, Principal Associate; assisted on the insurance law aspects of the Transaction.
Avaantika Kakkar, Partner & Head - Competition; and Vijay Pratap Singh Chauhan, Partner; assisted on the competition law aspects of the Transaction.
Komal Gupta, Head - Artificial Intelligence & Innovation; with support from Lvanika Parti, Principal Associate; Yash Vardhan, Senior Associate; Ruchi Bawa, Senior Associate; Harmeet Dhall, Senior Associate, Punya Khachi, Senior Associate - Designate, along with Arveen Chugh, Associate; and Surabhi Saboo, Associate, assisted on the Transaction.
As part of the Transaction, ICICI Lombard will issues equity shares, worth Rs 4485 crore, to the shareholders of Bharti AXA. The consideration for the transaction was entirely in the form of ICICI Lombard shares to the shareholders of Bharti AXA General Insurance and no cash consideration was involved.
Other parties involved in the Transaction included Ernst & Young LLP (EY) (M & A & Financial advisor to ICICI Lombard and Bharti AXA); and BDO Valuation Advisory LLP and MKSA & Associates (Valuer)
The Transaction was signed on August 21, 2020 and is subject to regulatory approval.
India's Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad.
The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm received "Law Firm of the Year" award at the Asian Legal Business (ALB) India Law Awards 2020 and "Law Firm of the Year, India" at the Asialaw Regional Awards 2020. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2020" at the IFLR Asia Awards and voted as the "Employer of Choice for 2020" from India, by the Asian Legal Business.
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