Shardul Amarchand Mangaldas advised Tata Advanced Systems Limited (“TASL”) in acquisition of defence business of Tata Power Company Limited (“TPCL”) and Tata Motors Limited (“TML”) pursuant to separate schemes of slump sale under Sections 230-232 of the Companies Act, 2013.

As a part of the transaction, TASL would acquire 100 percent of the share capital of TAL Manufacturing Solutions Limited (“TAL”) and Tata Advanced Materials Limited (“TAML”) from TML and Tata Industries Limited (“TIL”) respectively. The transaction is a part of the consolidation of the defence and aerospace business of the Tata group.

This is the first time such a transaction in the defence space has been undertaken and upon closing of the consolidation, TASL will be the leading private sector defence player in the country. The General Corporate Practice of Shardul Amarchand Mangaldas advised TASL on all the legal aspects of the transaction including carrying out vendor due diligence; reviewing, negotiating and finalisation of the transaction documents; and assistance in closing in relation to the transaction.

The transaction team, included Akshay Chudasama, Managing Partner; Anuj Prasad, Partner; Arka Banerjee, Partner; Anandita Kaushik, Principal Associate; Ankit Mishra, Senior Associate; Aditi Tralshawala, Senior Associate; Payal Chhabria, Associate;. Taruna Dhingra, Associate and Aditya Kumar Ayachit, Associate.

The competition team, included Shweta Shroff Chopra, Partner; Aparna Mehra, Partner; Vivek Agarwal, Principal Associate; Ritwik Bhattacharya, Senior Associate and Gayatri Pradhan, Associate.

Meghna Rajadhyaksha, Partner advised on the NCLT related process, along with Umang Singh, Associate and Pulkitesh Tiwari, Associate.