Deal Closed | Kanoria Chemicals & Industries Limited | Share Purchase from Bishoftu

The details of the deal are as follows

Sector: Textiles 

Announcement Date: 29-Apr-2021 

Name of Client: Kanoria Chemicals & Industries Ltd and Kanoria Africa Textiles PLC 

Acquirer Details: Kanoria Chemicals & Industries Ltd | India Kanoria Africa Textiles PLC | Ethiopia 

Seller Details: Bishoftu Limited | Mauritius 

Deal Description: Advised Kanoria Chemicals and Industries Limited (“KCI”) and Kanoria Africa Textiles PLC in relation to KCI acquisition of shares of Kanoria Africa Textiles PLC from Bishoftu Limited to provide an exit to Bishoftu Limited as a shareholder of Kanoria Africa Textiles PLC. 

Total Consideration: Confidential 

Team Members Padam Kumar Khaitan (Partner), Shourya Sengupta (Principal Associate), Sneh Lata (Senior Associate) 

Role of Firm: Khaitan & Co acted as the transaction counsel to Kanoria Chemicals & Industries Ltd and Kanoria Africa Textiles PLC in drafting, revising, negotiating and finalising the share purchase agreement cum termination agreement and other ancillary documents in relation to purchasing of shares of Kanoria Africa Textiles PLC from Bishoftu Limited to provide an exit to Bishoftu Limited as a shareholder of Kanoria Africa Textiles PLC. 

Unique Feature of Transaction: The transaction involved parties across jurisdictions including India (acquirer), Mauritius (seller) and Ethiopia (target) and therefore required fulfilment of conditions under applicable laws of each jurisdiction of the parties to the transaction.