Deal Closed | Emerald Haven Realty Limited and Keppel Land Limited | Joint Venture

The details of the deal are as under

Sector: Construction and Development

Announcement Date: 31 August 2020

Completion Date: Subject to fulfilment of CPs

Name of Client: Emerald Haven Realty Limited

Deal Description: Acted as the legal adviser for TVS Emerald in connection with a green field joint venture between Emerald Haven Realty Limited (an associate company of TVS Motor Company Limited) (“TVS Emerald”) and Keppel Land Limited, Singapore, acting through its wholly-owned subsidiary, Orizona Pte. Ltd. for constructing and developing a residential project in Chennai through a special purpose vehicle. TVS Emerald will hold 51% of the JV Co, and Keppel will hold the balance 49% the JV Co.

Total Consideration: Keppel Land will acquire a 49% stake in the joint venture company at a total consideration of about INR 77 crore. The total development cost of the project is expected to be about INR 540 crore, with Keppel’s share estimated to be about INR 260 crore.

Team Members: Core team comprised of Haigreve Khaitan (Senior Partner), Aravind Venugopal (Partner), Mrudul Dadhich (Senior Associate) and Kanika Mathew (Associate). 

Atul Pandey (Partner), Sameer Sah (Partner), Hirak Mukhopadhyay (Senior Associate), Sweta Rao (Senior Associate) and Abhishek Rao (Associate) assisted the core team on certain corporate matters relating to this transaction. Sanjay Sanghavi (Partner) and Jimmy Bhatt (Principal Associate) assisted the core team on certain tax aspects.

Role of Firm: The Firm acted acted as the legal adviser for TVS Emerald in connection with the transaction. The scope of work involved drafting and negotiation of the share purchase agreement, joint venture agreement, demerger scheme and other ancillary documents.

Other legal advisors if any with names of Lead Lawyers:  Cyril Amarchand Mangaldas represented Keppel on this transaction.

Unique Feature of Transaction: This is a significant transaction in the South Indian construction development space.