Greetings from Dhruva Advisors LLP,

The past year has seen a dynamic landscape of M&A and investment activity across sectors such as real estate, technology, healthcare, energy, consumer brands, and financial services. This has included everything from large-scale acquisitions in retail and infrastructure to strategic investments in technology, renewables, and specialty chemicals.

At Dhruva Advisors, we are proud to have played a role in several of these significant transactions. We are pleased to share with you deals across sectors where we have provided strategic tax and advisory support.

Blackstone completed the acquisition of Kolkata’s iconic South City Mall at an enterprise value of INR 3,250 crore, marking one of the largest real estate transactions in Eastern India. Spanning over one million square feet, the mall houses over 150 stores, generates an annual turnover of over INR 1,800 crore, and has multi-storey parking for 1,250 cars.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO THE PROMOTERS OF SOUTH CITY KOLKATA (PROJECTS) LTD.

Altimetrik, a TPG-backed digital engineering and AI solutions company, acquired SLK Software for USD 600 million. SLK Software is a technology services firm specializing in AI, intelligent automation, and analytics with global operations headquartered in Bangalore.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO SLK SOFTWARE PRIVATE LIMITED.

Shreeji Imaging and Diagnostic Centre, a leading radiotracer manufacturer and distributor in India, acquired the business of Futuristic Diagnostic Imaging Centre through a slump sale.

DHRUVA ADVISORS ACTED AS THE TAX AND REGULATORY ADVISORS TO SHREEJI IMAGING AND DIAGNOSTIC CENTRE PRIVATE LIMITED.

PChrysCapital, through its entities Infinity Partners, Aqua Investments Limited and Atreides Investments B.V., acquired a majority stake in Theobroma from ICICI Ventures and the promoter group. Theobroma is a premium bakery and patisserie brand with presence in over 30 cities in India.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO THEOBROMA AND ITS EXITING SHAREHOLDERS.

ChrysCapital sold its controlling stake in GeBBS Healthcare Solutions Private Limited to EQT, a global investment firm. GeBBS is a technology-enabled BPO company catering to the healthcare sector.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO THE FOUNDERS, MR. VIJAY SINGH THAKOR AND MR. NITIN THAKOR.

Perfios acquired Clari5, an India-based fraud and risk management solutions provider for banks and financial institutions.

DHRUVA ADVISORS ACTED AS THE TAX AND REGULATORY ADVISORS TO CLARI5 AND ITS PROMOTERS.

Siemens India Limited demerged its Energy Business into Siemens Energy India Limited through a Scheme of Arrangement approved by NCLT, creating two independently listed companies.

DHRUVA ADVISORS ACTED AS THE TAX ADVISORS TO SIEMENS INDIA LIMITED.

Phoenix Mills Limited acquired the 49% stake held by CPP Investments in Island Star Mall Developers Private Limited, increasing its ownership to 100%. The total consideration was approximately INR 5,449 crore.

DHRUVA ADVISORS ACTED AS THE TAX AND REGULATORY ADVISORS TO PHOENIX MILLS LIMITED.

India Resurgence Fund, promoted by Piramal Group and Bain Capital, invested up to INR 1,000 crore in Anthea Aromatics Private Limited, becoming its controlling shareholder.

DHRUVA ADVISORS ACTED AS THE TAX AND REGULATORY ADVISORS TO INDIARF.

The DIFC-based holding company of Allied Nippon consolidated into its Indian subsidiary, Allied Intertrade, through a reverse flip approved by NCLT and DIFC.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO ALLIED NIPPON.

Career Point segregated its financial services and education businesses through an NCLT-approved scheme involving the merger of Srajan Capital Limited into Career Point and the demerger of the education business into Career Point Edutech Limited.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO CAREER POINT.

Inox Neo Energies Limited, a renewable IPP arm of Inox Clean Energy Limited, acquired 100% of Skypower Solar India Private Limited, which owns a 50 MW solar project in Madhya Pradesh.

DHRUVA ADVISORS ACTED AS THE TAX ADVISORS TO INOX NEO.

IWEL merged with IWL through a scheme of arrangement approved by NCLT, consolidating their wind energy businesses into a single listed entity.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO IWEL AND IWL.

Advent International invested USD 175 million in Felix Pharmaceuticals through a combination of primary infusion and secondary share purchase, acquiring a significant minority stake.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO FELIX AND ITS INDIAN PROMOTER.

Ashoka WhiteOak acquired shares of Simpolo Vitrified Private Limited from Ceramiche Speranza S.P.A. through a secondary transaction. Simpolo is a leading manufacturer and trader of vitrified tiles in India and abroad.

DHRUVA ADVISORS ACTED AS THE TAX ADVISORS TO CERAMICHE SPERANZA S.P.A.

Stillfront Group AB, a Nasdaq-listed Swedish gaming company, acquired 100% of Moonfrog Labs through a secondary transaction. Moonfrog develops, markets, and operates online games and gaming infrastructure.

DHRUVA ADVISORS ACTED AS THE TAX AND STRUCTURING ADVISORS TO MOONFROG AND ITS SELLING SHAREHOLDERS.