Khaitan & Co advised Aditya Birla Group in relation to a preferential allotment of 32,66,33,165 equity shares by Idea Cellular Limited to certain promoter group entities of the Aditya Birla Group, ie Birla TMT Holdings Private Limited, Elaine Investments Pte. Ltd (Singapore) and Oriana Investments Pte. Ltd (Singapore). The aggregate capital infusion is INR 3,250 crores approximately. The Aditya Birla Group is a $40 billion corporation and is in the League of Fortune 500 Companies. The Aditya Birla Group has a force of over 120,000 employees, belonging to 42 nationalities. About 50 per cent of its revenues flow from its overseas operations spanning 35 countries. Idea Cellular Limited is a pan-India integrated GSM operator offering 2G, 3G and 4G services, and has its own NLD and ILD operations, and ISP license. Idea is one of the top three mobile operators in India, with an annual revenue in excess of USD 5 billion and a revenue market share of 16.2 per cent (Q2FY18). The core transaction team consisted of Haigreve Khaitan (Senior Partner), Sudhir Bassi (Executive Director), Vineet Shingal (Partner), Moin Ladha (Associate Partner), Deepak Jodhani (Principal Associate), Vidushi Gupta (Senior Associate), Abir Sarkar (Associate), Praneetha Vasan (Associate) with assistance from:
– Competition law aspects: Avaantika Kakkar (Partner) and Dhruva Rajain (Senior Associate)
– Securities law aspects: Arindam Ghosh (Partner) and Arpita Anand (Associate)
– Tax aspects: Vinita Krishnan (Associate Director), Surajkumar Shetty (Principal Associate) and Sneh Shah (Associate)
Khaitan & Co advised Aditya Birla Group on the transaction from an Indian law perspective.