Deal Closed | Temasek International Pte Ltd | Investment in Schneider Electric India Private Limited

L&T completes divestment of electrical, automation business to Schneider Electric.

The details of the deal are as under:

Sector: Manufacturing/Industrials 

Announcement Date:  01-May-2018

Completion Date: 31-Aug-2020

Name & Contact Details of Client: Temasek Holdings (Private) Limited

Name and Description of Investor: MacRitchie Investments Pte. Ltd. | Singapore 

Deal Description:  Advised Temasek International Pte Ltd in relation to its investment in Schneider Electric India Private Limited (SEIPL). Pursuant to the investment, Temasek holds 35% stake in SEIPL and SEIPL used the investment proceeds from Temasek (along with investment and debt proceeds from other Schneider entities) to acquire the electrical and automation business unit of Larsen & Toubro for ~INR 14,000 crores.

Total Consideration: Confidential

Team Members: The core transaction team comprised of Aakash Choubey (Partner), Radhika Agarwal (Principal Associate), Rohan Shrivastava (Senior Associate) and Srikanth Mantravadi (Senior Associate) with assistance from the following:

Closing aspects: Gautam Suseel (Senior Associate), Srishti Mukherjee (Associate) and Amulya Sharma (Associate);

Real estate aspects: Devendra Deshmukh (Partner), Amruta Joshi (Senior Associate) and Meherasp Mistry (Associate); 

Debt funding: Manisha Shroff (Partner) and Smita Jha (Principal Associate); and

Financing due diligence aspects: Siddharth Srivastava (Partner) and Kanika Kadam (Principal Associate).

Role of Firm:  advised Temasek on its investment in SEIPL

Other legal advisors: AZB advised the Schneider Group on the investment by Temasek and acquisition of electrical and automation business unit of Larsen & Toubro; 

White & Case advised Temasek and Schneider Group on offshore acquisitions from L&T; 

Shardul Amarchand Mangaldas advised L&T; 

Trilegal advised Schneider Group and Temasek on the CCI approval process and Indian competition law-related aspects.