Acquisition of majority stake in Bharat Serums and Vaccines Limited (“BSV”) by Advent International, one of the largest global private equity player

Advent International has recently acquired a majority stake in Bharat Serums and Vaccines Limited, a pharmaceutical company in India. The transaction is Advent’s seventh investment in the healthcare sector and fifth investment in India in 2019.

BSV researches, develops, manufactures and markets specialized injectable medicines with a portfolio focused on biotech and biological products. The company has multiple niche products that are leading brands across women’s health, assisted reproductive treatment, critical care and emergency medicine.

Dhruva Advisors acted as the tax and structuring advisors for the transaction to BSV.

ITC Limited, a diversified conglomerate with businesses spanning from FMCG, hotels, paperboards and packaging, agri business and IT, acquired 100% stake in Sunrise Foods Private Limited. The acquisition would augment ITC’s product portfolio and is aligned to its strategy to scale-up its spices business pan India.

Sunrise Foods Private Limited is an Indian Company primarily engaged mainly in the business of spices under the trademark ‘Sunrise’. It is a market leader in eastern India in the fast-growing spices category (basic and blended spices) with brand legacy of over 70 years.

Dhruva Advisors acted as tax and regulatory advisors to ITC Limited for structuring the acquisition.

HDFC Limited (“HDFC”) acquired the entire 50.8% shareholding of Apollo Group, in Apollo Munich Health Insurance Company Ltd. (“Apollo Munich”). Post-acquisition of the shares by HDFC, Apollo Munich shall be merged with its general insurance subsidiary, HDFC ERGO General Insurance Company Limited (“HDFC ERGO”), subject to requisite approvals.

We conducted a tax due diligence on Apollo Munich as well as advised the client on the proposed acquisition.

Everstone group divested a part of its stake in IndoStar Capital Finance Limited (‘ICFL’) to Brookfield.

ICFL is a public listed company, promoted by Everstone Group. ICFL is a Non-Banking Financial Company primarily engaged in business of lending to Corporates, Commercial Vehicle and SME businesses.

Everstone Group is a private equity and real estate investment firm focusing on India and Southeast Asia. It has assets under management of approximately US$5 billion.

Dhruva Advisors acted as tax advisors to Everstone Group.

The Sobti family has entered into a joint venture with a Swedish listed company, Recipharm AB (“Recipharm”), for creating production capacity in India for a range of sterile dosage forms.

Recipharm has acquired 8% equity stake for an investment of INR 800 million in the joint venture company. In addition, Recipharm will have the option to acquire an additional 16% share in the joint venture company.

Dhruva Advisors acted as the tax and structuring advisors to Sobti family for the transaction.

Talbros Group through its group company QH Talbros Private Limited has acquired stake in Lohum. Lohum is engaged in manufacturing lithium ion batteries.

Dhruva Advisors acted as the tax and structuring advisors to Talbros Group for the transaction.

Centre for Sight has entered into an agreement for acquisition of majority stake in Gaayathri through a mix of share acquisition and business acquisition.

Centre for Sight is engaged in providing healthcare services in the field of ophthalmology and runs multiple eye clinics and eye hospitals across the country. It has also been awarded as the leading eye care provider and specialty hospital in India.

Dhruva Advisors acted as the tax and structuring advisors to Centre for Sight for the transaction.

Centre for Sight has acquired eye care facilities of Patni, located in the state of West Bengal, through a slump sale transaction.

Centre for Sight is engaged in providing healthcare services in the field of ophthalmology and runs multiple eye clinics and eye hospitals across the country. It has also been awarded as the leading eye care provider and specialty hospital in India.

Dhruva Advisors acted as the tax and structuring advisors to Centre for Sight for the transaction.

Hass Holdings and EHRLE have joined hands to provide complete range of self-car wash systems in India under the brand name ‘Smart Car Wash’ through a joint venture company in India.

Poland based, EHRLE is one of the world’s leading providers of innovative solutions in cleaning technology and vehicle washing. Ever since its foundation, EHRLE has been relying on fully developed technology, innovative ideas, best possible quality and perfect service.

Dhruva Advisors acted as the tax and structuring advisors to Hass Holdings for the transaction.

A consortium of growth oriented private equity investors led by CX Partners acquired a significant equity ownership in Dindigul.

CX Partners is a Mauritius-based growth oriented private equity investment fund focusing on high growth mid-market companies that are industry leaders in India.

Dindigul is a restaurant food chain whose roots can be traced since 1957 and has national and international presence.

Dhruva Advisors acted as the tax advisors to CX Partners for the transaction.

A large Asia based Debt Fund acquired the existing debt securities for a consideration of USD 52 million of a global knowledge consultancy enterprise focused on the energy and water industries.

The Debt Fund has been investing in debt opportunities across Asia for over 20 years.

Dhruva acted as the tax advisors to the Asia based Debt Fund in respect of the debt acquisition.

A large Private Equity Fund divested its stake in a BPO Company to certain identified investors.

The Target Company is engaged in providing business process outsourcing (BPO) services including outsourcing of finance, accounting and payroll services and technical helpdesk outsourcing and related support services for enterprise clients.

The Private Equity Fund has been investing in middle-market companies across Asia for over 20 years.

Dhruva acted as the tax advisors to the Private Equity Fund in respect of the stake sale.