Amarchand & Mangaldas advised VISA Steel Limited on the a) legal and regulatory aspects of the transaction; b) drafting and review of the transaction documents, including agreement for sale of business, share purchase and subscription agreement, shareholders agreement and various ancillary agreements; c) negotiations of the transaction documents; and d) closing formalities.

They were also involved in the drafting and filing of the CCI notification jointly with Khaitan & Co., Mumbai. The unconditional CCI clearance was successfully obtained within the Phase I period of 30 days of the filing.

AMSS Team comprised of Puja Sondhi, Partner, Medha Srivastava, Senior Associate, Vishwanath Pratap Singh, Senior Associate and Sushrut Biswal, Associate along with Delhi competition team lead by Partner Shweta Shroff Chopra along with Associate Sangeetha Mugunthan.

The transaction pertains to transfer of its Coke Business by VISA Steel Limited to its indirect wholly owned subsidiary, VISA Coke Limited by way of slump sale, followed by share subscription as well as share purchase by SunCoke Europe Holding B.V. in VISA Coke Limited resulting in a 51:49 joint venture between the VISA group and SunCoke.

The transaction, involved the transfer of the coke business from VISA Steel Limited to VISA Coke Limited for the purpose of entering into a joint venture with SunCoke Europe Holding B.V. pursuant to which Suncoke would hold 49% of the shareholding in VISA Coke. The transaction required prior merger control clearance from the Competition Commission of India (CCI).

The Deal Value was of approximately INR 368 Crores.