The Amarchand Mangaldas Team led by Mumbai based Projects Partner L. Viswanathan and Corporate Partner Amita Choudary Katragadda advised JSW Steel Limited and JSW ISPAT Steel Limited on structuring of the transaction which involved a composite scheme of arrangement and amalgamation in terms of which: (i) a subsidiary of JSW Steel Limited, along with JSW Ispat, would be amalgamated into JSW Steel Limited ; and (ii) undertakings of both JSW Ispat Steel Limited and JSW Steel Limited would be transferred to a subsidiary of JSW Steel Limited.

The Scheme was presented to the board within five days of Amarchand Mangaldas being approached in the matter.

The Amarchand Mangaldas Team led by Mumbai based Competition Partner Nisha Kaur Uberoi advised on competition law aspects of the transaction and the merger filing made with the Competition Commission of India.

The Competition Commission of India approved the transaction in 22 days on the basis that JSW Steel holds a controlling stake in JSW Ispat and that the steel industry is characterized by presence of large integrated players, absence of trade barriers and plans of further expansion by existing steel manufacturers.

The deal was the 5th largest M&A deal (by value) in 2012 and was valued at USD 1.36 billion (as reported by Bloomberg). The market capitalization of the two companies is approximately INR 21,000 crore.