Mumbai | Delhi, India | 26th May 2020: India’s largest law firm Cyril Amarchand Mangaldas acted as the transaction counsel to ITC Limited (ITC) in relation to its acquisition of 100% stake in Sunrise Foods Private Limited (Sunrise Foods). Sunrise Foods is a leading manufacturer of spices, with strong presence in eastern India, and sells its product range under the brand “Sunrise”.
The M&A, Real Estate and Employment Law Teams at Cyril Amarchand Mangaldas advised on the Transaction.
The Transaction Team was led by Ramgovind Kuruppath, Partner; with support from Megha Krishnamurthi, Associate; Surabhi Saboo, Associate; and Smriti Tripathi, Associate.
- Corporate Due Diligence and Advisory was led by Ramgovind Kuruppath, Partner, with support from Megha Krishnamurthi, Associate; Smriti Tripathi; Associate, Anushka Jain, Associate; and Surabhi Saboo, Associate.
- Real Estate Due Diligence and Advisory was led by Ashish Jain, Partner; with support and assistance from Prayaas Sharma, Associate; and S. Siddhant, Associate.
- Employment Law Due Diligence and Advisory was led by Richa Mohanty Rao, Partner with support from Anna Thomas, Consultant; Akshat Sahajpal, Associate; and Vani Sharma, Associate.
- Corporate Secretarial Due Diligence team included Vidhi Doshi, Senior Manager – Corporate Secretarial Services; Mihir Sangani, Executive – Corporate Secretarial Services; Charmi Sanghvi, Executive – Corporate Secretarial Services; and Rasika Bharadkar, Executive – Corporate Secretarial Services.
This is a significant transaction in the FMCG space and is aligned with ITC’s strategy to rapidly scale up its FMCG Businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.
Other advisors to the Transaction included JM Financial Limited.
The Share Purchase Agreement was signed on May 23, 2020.
Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was recently awarded with “India – Firm of the Year” at the AsiaLaw Regional Awards 2019 and “India Deal Firm of the Year” at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted “National Law Firm of the Year, 2018 for India” at the Chambers Asia-Pacific Awards. The firm was also voted as the “Employer of Choice for 2018” from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.