Firm Matters
BackKhaitan & Co advised Electrosteel Castings Ltd. (Electrosteel), an Indian listed company, on its acquisition of 100% share capital and voting rights of T.I.S Services S.p.A (Target), a company based in Italy, along with its four subsidiaries spread across Europe i.e., in Italy, Poland, Turkey and Croatia from TIS Group S.p.A. ("Seller"). The transaction also included lease and subsequent acquisition by the Target of a real estate facility located in Bolgare, Italy from the Seller, post-closing.
The Target is engaged in the business of manufacturing and selling water valves for large water systems. The acquisition is set to expand Electrosteel’s existing presence in Europe and bring increased strategic and operational efficiency in its DI pipes and fittings business in the domestic and export markets.
CMS Adonnino Ascoli & Cavasola Scamoni (led by Matteo Ciminelli from Italy) along with other CMS attorneys in Italy, Poland, Turkey and Croatia guided on Italian law aspects and other Iocal European regulations.
Deal Team
The core team consisted of Prithwijit Gangopadhyay (Partner), Riya Dutta (Principal Associate), Supallab Chakraborty (Senior Associate) and Karishma Sethia (Senior Associate).
