Cyril Amarchand Mangaldas advised ITC Limited (as sole transaction counsel) on the demerger of its hotels business, by way of a scheme of arrangement into ITC Hotels Limited, a wholly owned subsidiary of ITC.
The General Corporate Practice of Cyril Amarchand Mangaldas advised ITC Limited on the transaction. The transaction team was led by Cyril Shroff, Managing Partner and Ramgovind Kuruppath, Partner with support from Megha Krishnamurthi, Principal Associate; Pruthvi Jasani, Associate; and Suneha Kasal, Associate.
Strategic inputs on the transaction were provided by Anand Jayachandran, Partner and advisory inputs were provided by Archit Bhatnagar, Principal Associate, Shreya Teewari, Senior Associate, Nikita Singhi, Associate and Utkarsh Jhingan, Associate.
As part of the transaction, the scheme was approved by the board of ITC Limited on 14th August 2023 and is subject to requisite approvals including from the stock exchange, shareholders/ creditors, jurisdictional NCLT etc. The transaction is expected to close in 12-15 months subject to receipt of requisite approvals.
Other Parties to the transaction included Kotak Investment Banking (acted as advisor for ITC Limited) and PwC Business Consulting Services LLP (acted as advisor for ITC Limited).
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.